*Pre-Market Derivatives and Technical Set-up*
◆ Nifty index opened gap up and after a slight dip in the initial tick, it moved in the positive territory throughout the session. It respected to its immediate support of 14600 and rebounded towards 14750 zones. It settled the day with gains of around 110 points and continues to make higher lows from the last three sessions. Technically, it formed a Bullish candle on daily scale with long lower shadow indicating declines were being bought
◆ Now, it has to hold above 14700 zones to witness an up move towards 14880 and 15000 zones while on the downside support exists at 14600 and 14500 zones
◆ India VIX moved up marginally by 0.34% from 21.96 to 22.03 levels. India VIX needs to hold below 20 zones to again attract bullish stance
◆ On option front, Maximum Put OI is at 14000 followed by 13500 strike while maximum Call OI is at 15000 followed by 15500 strike. Marginal Call writing is seen at 14800 strike while minor Put writing is seen at 14200 then 14300 strike. Option data suggests a wider trading range in between 14200 to 15000 zones while an immediate trading range of 14500 to 15000 zones
◆ Bank Nifty opened gap up but witnessed range bound movement since its opening levels. It has been facing some resistance near to its 50 DEMA from last five trading sessions. It closed positive with the gains of around 100 points and formed a Doji candle on daily scale with long lower shadow
◆ Now it has to hold above 32750 zones to witness an up move towards 33333 and 33500 zones while on the downside support exists at 32500 and 32250 levels
◆ Bullish setup in Hindalco, MFSL, Jindalstel, Marico, Gail, Wipro, Cholafin, Mindtree, Tatasteel, Tvsmotor, BEL, SAIL, Bajaj Auto, BPCL, Grasim, NMDC and Maruti
◆ Bearish setup in Tatachem, SUNTV and L&TFH.