F&O: Nifty50 has to cross & hold above 9,928 to see further upside

Long buildup was seen on the counters of OIL, McDowell, OFSS, Tata Elxsi, Havells, Sun TV, Federal Bank, Sun Pharma and Shriram Transport Finance. NSEBSETata ElxsiLoading data…

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                              ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESShriram Transport FinanceMcDowellM&MIOCHavellsGlenmarkFederal bankDish TVCiplaBPCLACCEXPAND TO VIEW ALL By Chandan Taparia

                              The Nifty50 index opened in the negative and fell sharply towards the 9,861 level. The index formed a Bearish Engulfing pattern, as it covered all the gains made in last three sessions. It also broke the previous day’s low of 9,910 and closed with a loss of around 60 points.

                              Now, it has to cross and hold above the 9,928 level to witness an upward move towards 9,980 and then the 10,020 level, while on the downside, supports are seen at 9,850 and then the 9,820 level.

                              On the options front, maximum Put OI 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 price 9,700 while Call writing took place at all strike prices from 9,800 to 10,500. Options data suggests limited upside as long as the index does not see a decisive breakout above 9,980 or below 9,775 level.

                              India VIX moved up sharply by 12.71 per cent to 13.16 and a sudden jump in VIX after the decline of last three weeks has caused concern among the bulls to hold on their long positions. Now, VIX has to hold below 12.50 to see a smooth ride in the coming sessions. Otherwise the high wave trade could continue in the market.

                              The Bank Nifty failed to surpass the 24,500 mark and corrected sharply towards the 24,150 level. It has again got stuck in a broad trading range between 23,850 and 24,500 levels. Now, it has to cross and hold above 24,300 to extend the upward move towards 24,500 and higher, while the 24,000 and 23,850 levels are likely to act as major supports to hold this bounce.

                              Nifty futures closed in the negative with a loss of 0.87 per cent at 9,920. Long buildup was seen on the counters of OIL, McDowell, OFSS, Tata Elxsi, Havells, Sun TV, Federal Bank, Sun Pharma, Shriram Transport Finance and DHFL, while shorts were seen in IOC, ACC, Cipla, Dish TV, TechM, Glenmark, Siemens, BPCL, Idea, M&M and JustDial.

                              (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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