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F&O: Nifty needs to hold 11,500 to extend gains towards 11,800

On the options front, maximum Put open interest is at 11,000 followed by 11,500 strike.

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Sep 24, 2019, 04.53 PM IST
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By Chandan Taparia

In a volatile session on Tuesday, NSE Nifty traded in 11,550 to 11,650 range for most part of the day before ending on a flat note below 11,600. The index formed an Inside Bar on the daily scale as it traded in the range of the previous session.

Now Nifty has to continue to hold above 11,500 to extend its move towards 11,750-11,800 and then 12,000, while on the downside, support is seen at 11,500 and then 11,333.

On the options front, maximum Put open interest (OI) is at 11,000 followed by 11,500 strike, while maximum Call OI was at 11,700 followed by 11,800 strike. Call Writing was seen at 11,700 followed by 11,900 strike, while Put writing is seen at 11,500 followed by 11,600 strike. Option data suggests a trading range between 11,300 and 11,800.

India VIX moved down by 0.34 per cent to 16.73 level.

Bank Nifty traded in a wider range of 700 points between 29,900 and 30,650 for most part of the session, but relatively underperformed the benchmark index. The index formed a bearish candle on the daily scale, but managed to hold the previous day’s low. Now it has to hold above 30,000 zones to witness an upmove towards 30,800 and then 31,000, while on the downside, major support is seen at 29,500.

Nifty futures closed positive with a marginal gain of 0.07 per cent at 11,615. Builtup of long positions were seen in Marico, Maruti, Dabur and TCS while Shorts were seen in Eicher Motors, Berger paints, JSW Steel and REC.

(Chandan Taparia is Technical & Derivative Analyst at MOFSL. Investors are advised to consult financial advisers before taking an investment calls based on these observations)
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
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