● Nifty index failed to hold above 11888 zones and remained consolidated for most part of the day but witnessed sharp selling pressure in last hour of the session. It formed a Bearish Candle on daily and weekly scale which suggests selling pressure is seen at higher levels. It has been consolidating in between 11761 to 12041 zones from fourteen 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 till it holds below 11888 zones it could extend its weakness towards lower band of the support at 11761 then a fresh decline towards 11660 levels while immediate hurdles are seen at 11965 then 12000 zones
● Max Put OI is at 11500 then 11800 strike while Max Call OI is at 12000 then 12500 strike. Call writing is seen at 11900 then 12000 strike Put unwinding is seen at 11800 then 11700 strike. Option data suggests a wider trading range in between 11750 to 12100 zones
● India VIX moved up by 2.10% at 13.94 levels. However 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