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F&O: Nifty's immediate hurdle intact in 12,100 – 12,150 zone; VIX drops 1.62%

Nifty50 opened positive on Wednesday on the back of a gap-up opening in selective index heavyweights.

ETMarkets.com|
Updated: Nov 20, 2019, 05.11 PM IST
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F&O: Nifty forming higher highs & lows; supports shifting higher
India VIX fell 1.62 per cent to 15.16 mark. It needs to hold below 15 level to surpass the recent highs.
By Chandan Taparia

Nifty50 opened positive on Wednesday on the back of a gap-up opening in selective index heavyweights. The index extended the gains towards the 12,038 mark. However, it failed to sustain at higher levels and closed a tad below the 12,000 mark.

The index formed a Doji candle on the daily scale, which indicated indecisiveness at higher levels. But it managed to hold above the previous day’s high throughout the session and formed higher highs and lows for the second consecutive session.

Support for Nifty is now inching higher towards the 11,900 and then 11,850 levels; while the immediate hurdle remains intact in the 12,100 – 12,150 zone.

On the monthly options front, maximum Put open interest was at strike price 11,900 followed by 11,800, while maximum Call OI was at 12,000 followed by 12,200. There was some Put writing at 12,000 and 11,900 levels, while marginal Call writing was seen in the 12,100 – 12,200 zone, followed by unwinding of Call options at strike price 11,900. Options data suggested a broader trading range between 11,800 and 12,200 levels.

India VIX fell 1.62 per cent to 15.16 mark. It needs to hold below 15 level to surpass the recent highs.

Bank Nifty managed to hold above 31,200 level throughout the session and formed a Small Green-bodied candle on the daily scale. It continued to trade between 31,200 and 31,500 levels, but ended with a marginal gain of 100 points.

The index has been forming higher highs and lows for past four sessions and till it holds above 31,200 mark, it could extend the gains towards 31,500 and then 31,750 levels, while on the downside supports are seen at 31,000 and then 30,800 levels.

Nifty futures closed positive at 12,014 level with 0.38 per cent gain. Long buildup was seen in Sun Pharma, NCC, RBL Bank, BPCL and Cadila Healthcare while shorts were seen in Bharti Infratel, Siemens, IOC, Oil India and Muthoot Finance.

(Chandan Taparia is Technical & Derivative Analyst at MOFSL. Investors are advised to consult financial advisers before taking an investment calls based on these observations)


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