F&O: Brisk Call writing to restrict immediate upside at 9,980, 10,020




Long buildup was seen on the counters of Cadila, Arvind, Bajaj Finance, Tata Elxsi, Eicher Motor, VEDL and Tata Chemicals. NSEBSEVoltasLoading data…

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                              ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESTata ChemicalsNMDCITCIndusInd BankICICI bankGrasimGodrej IndustriesDish TVColgate-PalmoliveCadilaBajaj FinanceEXPAND TO VIEW ALL By Chandan Taparia

                              The Nifty50 index opened in the positive and headed towards the 9,965 mark, but failed to hold its gains and corrected towards the 9,920 level. It formed a small candle and got stuck in the broader trading range between 9,850 and 9,980 levels for last seven sessions.

                              The index closed in the positive with a gain of 14 points near the key level at 9,928. Now, it must hold above 9,928 to witness a bounce towards 9,980, while on the downside, supports are seen at 9,880 and then 9,850 levels.

                              On the options front, maximum Put open interest stood at 9,700 and 9,800 levels while maximum Call OI was at 10,000 followed by 10,100 levels. Fresh Put writing was seen at strike prices 9,800 and 9,900 while Call writing was seen at strike prices 10,000 and 10,100. Put writing at strike price 9,900 suggests support near the 9,880 level while intact Call writing could restrict its immediate upside to 9,980 and 10,020 levels.

                              India VIX fell 0.86 per cent at 13. 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 above 24,300. Its weekly contract expired near its weekly volume weighted average price (VWAP) after moving higher to 24,400 level. It got stuck in a broader trading range between 23,850 and 24,500 levels and requires a decisive range breakout for the next leg of the rally. On an immediate basis, Nifty has support at 24,150 and hurdle at 24,500.

                              Nifty futures closed in the positive with a marginal gain of 0.18 per cent at 9,953. Long buildup was seen on the counters of Cadila, Arvind, Bajaj Finance, Tata Elxsi, Eicher Motor, VEDL, Tata Chemicals, Colgate-Palmolive, NMDC, Indiabulls Housing, Grasim, IndusInd Bank, Voltas and Godrej Industries, while shorts were seen on the counters of UBL, ITC, ICICI Bank, Tata Motors, NIIT Tech and Dish TV.

                              (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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