● Nifty index managed to hold immediate support of 11850 zones and extended its gains towards 11970 level. It formed a Bullish Candle on daily scale and given a highest ever daily close. It has been consolidating in between 11800 to 11970 zones from last four trading sessions and requires a decisive breakout on higher side to extend its gains towards new life time high territory
● Now it has to hold 11850 zones to witness and up move towards 12000 then 12041 zones whiles supports are seen at 11850 then 11761 levels
● On the option front, for the June series option data is scattered at various strike prices since it’s the beginning of new series. Maximum Put OI is at 11500 then 11000 strike while Max Call OI is at 12500 then 12000 strike. We have seen Put writing at 11600 and 11500 strikes while Call writing is seen at 12400 and 12300 strikes. Option data suggests an wider trading range in between 11550 to 12250 zones
● India VIX fell down by 4.88% at 15.61 levels. Overall decline in VIX suggests that now short term stability and formation of higher base could be seen in the market