● Nifty index has negated the formation of higher lows of last 3 sessions and got stuck in the wider trading range of Election day. It failed to surpass previous day’s closing of 11930 zones and drifted towards 11835 levels. It got stuck in the range of 130 points in last three sessions in between 11800 to 11950 zones and requires a decisive range breakout to get some trending momentum. It formed a Spinning Top followed by a Hanging Man candle on the daily scale which indicates that hurdles are seen at the higher band of the trading range
● Now it has to hold 11800 zones to witness and up move towards 11950 then 12000 zones whiles supports are seen at 11761 then 11666 levels
● Max Put OI is at 11000 then 11800 strike while Max Call OI is at 12000 then 12500 strike. Meaningful Call writing is seen at 12000 then 11950 strike while Put Unwinding is seen at all the immediate strikes. Option band signify a trading range between 11750 to 11950 zones
● India VIX moved up by 3.06% at 16.40 levels. Overall decline in VIX suggests that now short term stability and formation of higher base is seen in the market but a small jump in volatility could see a restricted upside