Nifty View 11 April 2019 (Previous Close 11584):
Index yesterday opened with a gap up around 11650, met with resistance around 11680 & retested supports upto 11570, finally closing 0.75% negative for the day.
With Election Voting about to begin today & uncertainty around FMP repayments by MFs, VIX will continue to be trading higher resulting in higher volatility.
Going Forward, Index will face resistance at 11630-11650 & Till 11650 does not cross, expect support zone of 11520-11500 to be retested.
Below 11500, profit booking upto 11460-11440 will be witnessed.
On Cross-over & sustenance above 11650, Short-covering upto 11710-11730 will be on the cards.
Expected Trading Range 11520 – 11710.
Tracking the Derivatives Data,
Highest OI is witnessed in 11700/11650 Call & 11500/11600 Put with additions in 11600/11650/11700 Calls & unwinding in 11650/11600 Puts suggesting a range of 11500 to 11710.
11600 PCR being 1.2 implies Index getting support at 11530-11550 zone & 11650 PCR being 0.55 indicates selling pressure from rises every-time index approaches 11655-11675.
Bank Nifty View (Previous Close 29805):
Going Forward, Index will face resistance at 30000-30050 & Till 30050 does not cross, expect support zone of 29680-29600 to be retested.
Below 29600, profit booking upto 29400-29300 will be witnessed.
On Cross-over & sustenance above 30050, Short-covering upto 30180-30240 will be on the cards.
On the Options Front (April 11 Series), Highest OI Build up is witnessed in 29700-29500 PE (3.5 Lakhs each) & and 30000-30100 Call (10-7 Lakh) implying resistance at higher levels around 30100-30150 and supports at 29650-29600.
29800 PCR being 2 implies Index getting support at 29600-29650 zone & 30000 PCR being 0.35 indicates selling pressure from rises every-time index approaches 30100-30140.