● Nifty index opened negative and drifted towards 11820 zones in initial part of the session but recovered sharply from lower zones and ended on a flattish note above 11900 zones. It formed a Bullish Candle similar to Hammer on daily scale which indicates that decline are being bought near to the lower band of the trading range. It has been consolidating in between 11761 to 12041-12100 zones from last thirteen trading sessions and requires a decisive range breakout to commence the next leg of rally else it is its likely to move in this broader trading range

● Now it has to continue to hold above 11888 zones to witness an up move towards upper band of the trading range at 12041 then 12100 zones while support exist s at 11820 then 11761 zones

● Max Put OI is at 11500 then 11800 strike while Max Call OI is at 12000 then 12500 strike. Put writing is seen at 11800 strike while Call writing is seen at 12000 then 12100 strike. Option data suggests a wider trading range in between 11750 to 12100

● India VIX fell down by 3.26% at 13.66 levels. Volatility is hovering below 15 zones which is supporting for buying interest on any declines but at the same time ruling out for a major swing in the market