F&O: Nifty50 supports shift higher to send bullish signal




Long buildup was seen on the counters of Petronet LNG, Bata India, IndusInd Bank, Havells and OIL. NSEBSEYes BankLoading data…

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                                ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESM&MJubilant FoodWorksIndusInd BankHDFC bankHavellsGlenmarkGAILFederal bankCadilaBata IndiaBajaj FinanceAjanta PharmaEXPAND TO VIEW ALL By Chandan Taparia

                                The Nifty50 index surpassed its immediate hurdle at the 9,980 level and headed towards the 10,028 mark on Monday. The 50-stock pack registered the highest daily close in 23 sessions and managed to close above the psychological 10,000 mark.

                                It formed a bullish candle on the daily chart even as the supports shifted higher gradually. Now, the index has to hold above the 9,980 level to witness any bounce towards 10,050 and then 10,080 levels, while on the downside, supports are seen at 9,928 and then 9,880 levels.

                                On the options front, maximum Put open interest stood at strike price 9,900 followed by 9,800 and 9,700, while maximum Call OI was at 10,000 followed by 10,200.

                                Significant Put writing was seen at strike price 10,000 while fresh Call writing was seen at strike price 10,200. Options data suggests supports have shifted higher and Call unwinding at strike prices 9,900 and 10,000 is creating scope for upside movement.

                                India VIX fell 4.63 per cent to 12.63. Now if the VIX sustains below 12.50, then the Nifty50 could see a bounce towards its lifetime high.

                                The Bank Nifty broke out of the range above 24,500 after consolidating over the past 21 sessions. It managed to break out of its consolidation band on the higher side. It has to hold above 24,500 to extend its move towards 25,000 and then its lifetime high of 25,200. On an immediate basis, the index has support at 24,300 followed by 24,150. Bank Nifty’s weekly contracts started witnessing fresh and meaningful Put writing at strike prices 24,200 and 24,500, which is shifting its support slightly higher while Call writing activities also shifted higher to 24,800 from strike price 25,000.

                                Nifty futures closed in the positive, rising 0.74 per cent to 10,024. Long buildup was seen on the counters of Petronet LNG, Bata India, IndusInd Bank, Havells, OIL, Jubilant Foodworks, Siemens, GAIL, PTC, Yes Bank, Maruti, HDFC Bank, Divi’s Lab, Concor, Tata Power, Bajaj Finance and Federal Bank while shorts were seen in Cadila, Torrent Pharma, Ajanta Pharma, M&M, IRB and Glenmark.

                                (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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