F&O: Nifty50 forms Hanging Man & inside bar; bulls & bears at war

VIX has to cool down below 12.50 for a range breakout from the recent consolidation phase. NSEBSEOil IndiaLoading data…

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                                ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESL&T FinanceKotak BankIGLHDFC bankGlenmarkExideDish TVColgate PalmoliveBPCLAshok LeylandAndhra BankAllahabad BankEXPAND TO VIEW ALL By Chandan Taparia

                                The Nifty50 index opened in the positive on Friday, but failed to surpass the 9,965 mark and fell towards the 9,913 level. However, it recovered from the lows and finally closed above its key pivot at 9,928 with a marginal gain of 5 points.

                                The index formed a small candle and got stuck in the broader trading range between 9,850 and 9,980 levels from last eight sessions. Now, it has to continue to hold above the 9,928 level to witness an upward move towards 9,980 and then see a fresh move towards 10,020 and 10,050 levels, while on the downside, supports are seen at 9,880 and then 9,850 levels.

                                On a weekly basis, the index formed a ‘Hanging Man’ candle and an inside bar, which indicate that both the bulls and the bears are fighting hard to get a grip on the market. The weekly low of the Nifty50 is moving slightly higher from 9,740 to 9,783 and 9,861, which indicates that the decline is being bought in even after sustained supply near the 9,980 level.

                                On the options front, maximum Put open interest stood at strike prices 9,700 and 9,800 while maximum Call OI was at 10,000 followed by 10,100. There was fresh Put writing at strike prices 9,000, 9,800 and 9,700 while fresh Call writing was seen at 9,900, 10,050 and 10,100. A shift in Put writing to higher levels suggests shifting of support while Call writing remained intact, which could restrict its immediate upside to 9,980-10,020 levels.

                                India VIX fell marginally by 0.38 per cent to 12.96. VIX has to cool down below 12.50 for a range breakout from the recent consolidation phase.

                                Bank Nifty closed on a flat to positive note as it got stuck in a broader trading range with multiple hurdles near the 24,500 level. It has been consolidating in the 23,850-24,500 range for last 21 sessions and requires a decisive range breakout for the next leg of the rally. On an immediate basis, it has support at 24,150 followed by 24,000, while hurdles exist at 24,500 level.

                                Bank Nifty weekly contract started to witness fresh Put writing at strike price 24,200, which is shifting its support slightly to higher levels while Call writing activities were firm at strike prices 24,500 and 24,600.

                                Nifty futures closed flat to negative, down 0.09 per cent at 9,946. Long buildup was seen at Amar Raja Battery, Oil India, IGL, Kotak Bank, Colgate Palmolive, Ashok Leyland, HDFC Bank, Exide, Maruti, Biocon, Arvind, KSCL and VEDL, while shorts were seen in PowerGrid, M&M, Dish TV, Dr Reddy, LIC Housing, Concor, ICIL, NIIT Tech, Allahabad Bank, L&T Finance, Glenmark, Andhra Bank and BPCL.

                                (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)

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