19/07/2021
Pre-Market Derivatives and Technical Set-up
◆ Nifty index opened positive and made yet another life time high of 15962 levels. It moved in a consolidative manner for most part of the day with slight profit booking decline from higher levels. It formed a Bearish candle on daily scale as it closed lower than its opening levels but continues forming higher highs - higher lows from the last five sessions
◆ Now, it has to find support near to 15800 zones to witness an up move towards 15915 and 16000 levels while on the downside support exists at 15750 levels
◆ India VIX fell down by 4.60% from 12.27 to 11.70 levels
◆ On option front, Maximum Put OI is at 15000 followed by 15500 strike while maximum Call OI is at 16000 followed by 16500 strike. Minor Call writing is seen at 16300 then 16200 strike while Put writing is seen at 15000 then 15400 strike. Option data suggests an immediate trading range in between 15700 to 16000 zones
◆ Bank Nifty opened positive but failed to surpass previous day’s high of 35985 and moved in a negative to range bound manner throughout the day. It formed a Bearish candle and an Inside Bar on daily scale while continued its higher highs - higher lows from the last five sessions
◆ Now it has to find support near to 35500 zones to move up towards 36000 zones while on the downside support exists at 35250 levels
◆ Bullish setup in IRCTC, Nationalum, Glenmark, Havells, UBL, Balkrishnaind, Divislab, Nam India, Bhartiartl, NMDC, Mcdowell, Bata India, DLF, Jindalstel, Tatasteel, Biocon, Ultracemco, Powergrid, Reliance, SRF, Ramco Cement, LT and Hindalco
◆ Bearish setup in Hcltech, Bank Baroda, Eicher Motor, IGL, Marico, Concor, MGL and ZEEL
Technical & Derivatives Research, Motilal Oswal
