● Nifty index opened positive and remained volatile for most part of the session as it traded in wider range of 150 points. It managed to hold 10935-10950 zones and headed towards 11080 levels but finally closed the session above 11000 zones. It formed an Inside Bar and a Bullish Harami pattern on daily scale which indicates a tug of war between Bulls and Bears. However, overall structure remains range bound with support of 10950 zones while it requires a decisive close above 11111 zones to extend the recent bounce back move towards 11180 zones
● As of now a hold above 10950 could take it towards 11111 then 11180 zones while support exists at 10950 then 10880 levels
● Max Put OI is at 11000 then 10700 strike while Max Call OI is at 11000 then 11500 strike. We have seen minor Call unwinding at immediate strike while Put writing is seen at 11000 then 10900 strike. Option data suggests a trading range in between 10800 to 11200 zones
● India VIX fell down by 8% at 16.35 levels. Sharp cut in Volatility index has favoured the bulls but VIX needs to hold below 15 zones to get the short term stability and bounce back move