● Nifty index opened negative and continue its selling pressure for third consecutive session. It formed a Bearish Candle on daily scale and during the day its drifted towards 11300 zones. However it was trying to hold 11300 zones but supply pressure was intact at every bounce. It has been making lower highs - lower lows from last 3 trading sessions and needs to negates the same to get some stability or pause in the selling pressure
● Now till it remains below 11461 zones, bounce could be sold towards next support of 11250 zones while immediate hurdles are seen at 11420 then 11461 levels
● Max Put OI is at 11300 then 11200 strike while Max Call OI is at 11600 then 11500 strike. We have seen Put writing at 11300 and 11200 strike while meaningful Call writing is seen at 11400 strike. Option data suggests a shift in lower trading range in between 11250 to 11500 zones
● India VIX moved up by 3.91% at 13.01 levels
● Bank Nifty remained under selling pressure throughout the session and decline nearly 500 points to close near 29250 zones. It filled the rising gap made on 20th May 2019 and resistances are gradually shifting lower. It formed a Bearish Candle on daily scale as every bounce is being sold into
● Now till it remains below 29650 zones, weakness could continue towards 29000 then 28888 zones while major hurdle is seen at 29850 then 30000 levels
● Longs in BEL, Oil India, Muthoot Finance and Voltas
● Shorts in M&M Fin, Page Ind, Bajaj Finserv and HDFC Ltd