India VIX fell 1.71% from 15.36 to 15.09 levels. Lower volatility indicates an overall bullish market bias, but a small bounce in VIX can offer some volatile cues to the market.
Since it is beginning of a new series, options data lay scattered at different strike prices. On the options front, maximum Put OI was seen at 15,500 level followed by 15,000; while maximum Call OI was at 16,000 followed by 16,500 level. Call writing was seen at 16,000 and 16,500 levels, while there was Put writing at 15,000 and then 15,500 levels. Options data suggest a wider trading range between 15,400 and 16,200 levels while the immediate range is seen between 15,600 to 16,000 levels.
Bank Nifty opened positive and headed towards its previous day’s high of 34,935 level. Select banking stocks kept Bank Nifty in strength and it closed with a gain of around 250 points. It formed a bullish candle and an Inside Bar on the daily scale. Now it has to hold above 34,750 level to move up towards 35,000 and 35,250 levels while on the downside support exists at 34,500 and 34,250 levels.
Nifty futures closed positive with a gain of 0.61% at 15,791 level. Among specific stocks, the trade setup looked bullish for Infosys, TCS, Mindtree, MFSL, Asian Paint,
, BEL, , Dabur, BajajFinserv, Hcltech, Ultracemco and Ramcocem but weak n , MGL, Apollotyre, Recltd, Petronet, Hindpetro, Exideind, IOC, Amaraja Battery and Lichsgfin.