● Nifty index remained consolidative for most part of the session and drifted marginally towards 11860 zones. However decline was bought and it managed to close flattish by reclaiming 11900 zones in last hour of the session. It formed a Hanging Man Candle on daily scale but forming higher lows from last three session and traded inside the wider trading range of Election Result day
● Now it has to continue to hold above 11850 zones to extend its move towards 12000 then 12040 zones while support is seen at 11761 levels
● Max Put OI is at 11000 then 11700 strike while Max Call OI is at 12500 then 12000 strike. Put writing is seen at 11900 then 11750 strike while minor Call writing is seen at 11900 then 12000 strike. Option band signify a trading range between 11700 to 12100 zones
● India VIX fell down by 1.65 % at 15.92 levels. Decline in VIX suggests that now short term stability and formation of higher base is seen in the market so continue to be with buy on decline strategy in the market