F&O: Call unwinding, Put writing show Nifty50 may soon top 10,000

Fresh Put writing was seen at strike 9,900 and 10,000 while Call writing took place at 10,200. NSEBSEUltratech CementLoading data…

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                      ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESRILL&T FinanceIGLHexawareCeatBajaj AutoACCEXPAND TO VIEW ALL By Chandan Taparia

                      The Nifty50 index managed to hold above the 9,900 level and headed towards 9,950 on Tuesday. It closed in the positive with a gain of around 40 points and formed a ‘Haramai Candle’ as it traded inside the trading range of last session.

                      The index has managed to stabilise after a sharp decline on Monday, but needs to hold above 9,928 level to head towards multiple hurdles at 9,980 and then 10,020 levels. On the downside, the index has support at 9,880 and then 9,850 levels.

                      On the options front, maximum Put open interest stood at strike price 9,700 followed by 9,800 while maximum Call OI was at 10,000 followed by 10,100.

                      Fresh Put writing was seen at strike prices 9,900 and 10,000 while Call writing took place at 10,200. Fresh Put writing and Call unwinding at at-the-money strike prices suggest scope for the Nifty50 to head towards 10,000-plus zone.

                      The India VIX fell 2 per cent to 12.88. Now, VIX has to hold below 12.50 to get a smooth ride over the next few sessions, otherwise high wave trade could continue in the market.

                      The Bank Nifty remained in a range of 150 points for the entire session. Overall, it has got stuck in a broader trading range between 23,850 and 24,500 levels. Now, it has to hold above 24,300 to extend the upward move towards 24,500 and then higher, while the 24,000 mark is likely to act as a major support to hold this upward move.

                      Nifty futures closed in the positive with a gain of 0.48 per cent at 9,975. Long buildup wax seen on the counters of Hexaware, L&T Finance, RIL, Titan, CEAT, IGL, ACC, Ambuja Cement, DHFL, Bajaj Auto, UltraTech Cement, while shorts were seen in OFSS, Idea, Sun Pharma and Bharti Infratel.

                      (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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