*Pre-Market Derivatives and Technical Set-up*
◆ Nifty index opened positive above 15000 and rallied in the initial hour towards 15100 zones. However, it could not sustain at higher zones and fell near to 14900 zones. It remained highly volatile as declines were being bought but at the same time follow up is missing at higher zones. It formed a small Bearish candle on daily scale with long upper shadow which indicates limited upside with absence of direction. It negated its formation of lower highs - lower lows of the last two sessions
◆ Now, it has to cross and hold above 15000 zones to witness an up move towards 15150 and 15250 zones while on the downside immediate support exists at 14800 then 14700 levels
◆ India VIX fell down by 3.46% from 25.56 to 24.67 levels. VIX is turning highly volatile in broader range of 21.80 to 29.64 from last ten trading sessions
◆ On option front, Maximum Put OI is at 14000 followed by 14500 strike while maximum Call OI is at 16000 followed by 15500 strike. Call writing is seen at 15600 then 15500 strike while Put writing is seen at 15000 then 14500 strike. Option data suggests a wider trading range in between 14500 to 15500 zones while an immediate range in between 14750 to 15250 zones
◆ Bank Nifty opened positive but after a volatile start, it moved in a consolidative manner. Banking stock are witnessing a pause and the index can be seen taking support near 35000 zones. It concluded the day flattish with gains of around 50 points. It formed a Bearish candle on daily scale but negated its formation of lower highs - lower lows of the last two sessions
◆ Now it has to cross and hold above 35500 zones to witness a bounce towards 36000 and 36250 zones while on the downside support exists at 35000 then 34500 levels
◆ Bullish setup in UPL, Gail, Cumminsind, BHEL, Nationalum, LT, Torntpower, PFC, IRCTC, Tatachem, VEDL, IOC, Hcltech, Axis Bank and INFY
◆ Bearish setup in Apollotyre, Tvsmotor, Jublfood, Pidilitind, Srtransfin, Manappuranfin and HDFC