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F&O: Nifty50’s immediate range seen between 15,600 & 15,800

Nifty opened positive on Wednesday but failed to hold even its opening levels and drifted towards 15,673 level in a volatile. Nifty has been facing sustained selling pressure near its lifetime high of 15,850-15,900 zone from last few sessions. It formed a Bearish Belt Hold sort of candle on the daily scale and closed with a loss of around 85 points. Now, it has to hold above 15,700 zone to witness a bounce towards 15,800 and 15,900 levels, while on the downside, support can be seen at 15,600 and 15,550 levels.

India VIX moved up 4.24% from 14.73 to 15.36 level. Yet, lower volatility indicates an overall bullish market bias, but every small bounce in VIX can give the market volatile cues.

On the options front, maximum Put OI was seen at 15,500 level followed by 15,600, while maximum Call OI was at 15,800 followed by 16,000 levels. There was Call writing at 15,800 and then 15,750 levels while Put writing was seen at 15,550 and 15,600. Options data suggests a wider trading range between 15,500 and 15,900 levels and an immediate range between 15,600 to 15,800 levels.

Bank Nifty opened positive but failed to surpass 35,000 level and remained under pressure for most part of the session. It formed a bearish candle on the daily scale and remained stuck in the grip of option writers ahead of monthly expiry. Now it has to hold above 34,500 level to move up towards 34,750 and 35,000 levels, while on the downside support exists at 34,250 and 34,000 levels.

Nifty futures closed negative with a loss of 0.50% at 15,694 level. Among specific stocks, the trade setup looked bullish in BEL,

, Lalpathlabs, Titan, , Bajajfinsrv, MFSL, Ultracemco and ICICI Pru but bearish in , Adaniports, Indus Tower, Ibulhsgfin, IGL, Jswsteel, Lichsgfin and Muthootfin.

(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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