F&O: Nifty50 regains bullish bias; options show wider trading range

F&O: Nifty50 regains bullish bias; options show wider trading range

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Nifty opened with a gap-up on Monday in line with positive global cues, and is back at its record high levels after seeing some consolidation over the past four sessions. It moved in a range of 100 points and was led by positive momentum in the heavyweight stocks. The index settled the day with a gain of around 150 points. It formed a small-bodied bullish candle on the daily scale and has been forming higher highs and lows since the past three sessions.
Now, it has to hold above 15,200 level to continue the bullish momentum towards the 15,500 level, while on the downside major support can be seen around 15,100 and 15,000 levels.

India VIX slipped 2.57% to 21.47. Now, VIX needs to cool down and hold below 20 level to continue the ongoing momentum with a higher market base.

On the option front, maximum Put Open Interest stood at 14,000 level followed by 15,000, while maximum Call OI was seen at 16,000 followed by 15,500 levels. Put writing was seen at strike prices 15,000 and 15,300 while there was Call writing at 15,300 and 15,800 levels. Options data suggested a wider trading range between 14,800 and 15,700 levels, while the immediate range is seen between 15,000 and 15,500 levels.

Bank Nifty opened with a gap up and rose more than 1,000 points. Banking stocks fuelled the rate-sensitive index and reached the 37,400 mark and finally settled the day with a gain of around 1200 points. It formed a strong bullish candle on the daily scale and has been forming higher highs and lows since the last two sessions. Now it has to hold above 37,000 level to witness a move towards 38,000 level, while on the downside support is seen at 36,500 and 36,000 levels.

Among specific stocks, the trade setup looked bullish in Chola Finance, Apollo Hospitals, LIC Housing Finance, Motherson Sumi, Adani Enterprise, M&M Financial, PEL, Axis Bank, Shriram Transport Finance, L&T Finance, ICICI Bank,

, REC, Bajaj Finance, SBI and but weak in , Amara Raja Battery, Glenmark, IGL, PVR, TCS and IOC.

Credit: Stocks-Markets-Economic Times

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