Stock Market

By Chandan Taparia The Nifty50 index opened in the positive on Thursday and extended its gains towards the 10,535 level, as it managed to respect the previous day’s low of 10,420. The index formed a Harami candle on daily chart and almost traded inside the trading range of last session.

It managed to reclaim the entire losses of the previous session and closed above the 10,500 level. The index finally negated the formation of lower highs and lower lows after six sessions.

It now needs to hold above the 10,535-10,555 zone to witness an upward move towards the 10,600 mark and then 10,625 level. On the downside, the index is likely to respect the immediate low in the 10,420-10,400 zone, as its short-term support. On the options front, maximum Put open interest remained intact at strike price 10,500 followed by 10,400, while maximum Call OI was at 10,800 followed by 10,700.

Call unwinding was seen at all immediate strike prices, which created rooms for further upside, while significant Put writing was seen at 10,500 and 10,400 levels.

Options data suggested a shift in trading range between 10,400 and 10,600 levels. India VIX fell up by 7.17 per cent to 13.14 level. Bank Nifty opened flat and closed above the 26,000 mark.

It formed a bullish candle on the daily chart and witnessed sharp gains in the last hour of the session.

As long as it holds above 25,900, the index can extend its gain towards 26,250 and then 26,500, while on the downside, supports are seen at 25,750 and 25,600 levels. Nifty futures closed in the positive with a gain of 0.91 per cent at 10,522.

Long buildup was seen in KPIT, JustDial, NCC, Ambuja Cement, Bharti Airtel, ACC, TechM, KSCl and SBI while shorts were seen in GAIL, ONGC, Jet Airways, OIL, Adani Power, Tata Motors and Motherson Sumi. (Chandan Taparia is Technical Derivative Analyst at Motilal Oswal Securities.

Investors are advised to consult financial advisers before taking an investment calls based on these observations)





Unlimited Portal Access + Monthly Magazine - 12 issues-Publication from Jan 2021


Buy Our Merchandise (Peace Series)

 


Contribute US to Start Broadcasting



It's Voluntary! Take care of your Family, Friends and People around You First and later think about us. Its Fine if you dont wish to contribute and if you wish to contribute then think about the Homeless first and Feed them. We can survive with your wishes too :-). You can Buy our Merchandise too which are of the finest quality.

Debit/Credit/UPI

UPI/Debit/Credit

Paytm


STRIPE





21