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F&O: Vix sees a spike; options data pegs Nifty range at 11,500-11,800

India VIX moved up 5.52 per cent to 16.81 level.

Oct 22, 2019, 04.39 PM IST
F&O: Nifty forming higher highs & lows; supports shifting higher
Nifty futures closed negative at 11,624 with a loss of 0.39 per cent.
By Chandan Taparia

Nifty50 continued the positive momentum and extended its gains towards the 11,700 mark on Tuesday. However, it witnessed profit taking near its supply zones and corrected by more than 100 points. It has been continuously forming higher highs and lows for last six sessions and supports are shifting higher gradually. Now, it has to hold above 11,550 level to see some momentum towards 11,700 and then 11,800 levels, while on the downside major support is seen at 11,500 level.

On the monthly options front, maximum Put open interest was at 11,000 followed by 11,500 levels, while maximum Call OI was at 12,000 followed by 11,700 level. There was Call writing at 11,800 and then 11,700 levels while marginal Put writing was seen at strike price 11,600. Options data suggested a trading range between 11,500 and 11,800 levels.

India VIX moved up 5.52 per cent to 16.81 level.

Bank Nifty opened positive, extended its gains towards 29,700 level and relatively outperformed the equity benchmark. It formed a Doji candle on the daily scale, as it closed near the opening levels. It has been forming higher highs and lows from past five sessions, which indicates overall strength. Now it has to hold above 29,000 to see momentum towards 29,750 and then 30,000 levels, while on the downside supports are seen at 28,750 and then 28,500 levels.

Nifty futures closed negative at 11,624 with a loss of 0.39 per cent. Long buildup was seen in Jubilant Foodworks, Voltas, Shree Cements and ICICI Bank while shorts were seen in Infosys, RBL Bank, IndiGo, Asian Paints and Bajaj 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)
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of

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