By Chandan Taparia
The Nifty50 remained highly volatile throughout Thursdays session and traded in a wide range of 100 points between 11,800 and 11,900 levels as the June series F&O contracts expired.
The index formed a Spinning Top kind of candle as it failed to hold at higher levels, but ended up forming higher highs and lows from past two sessions, which suggests every dip got bought into at lower levels.
Now, Nifty has to hold above 11,761 to extend its move towards 11,929 and then 12,000 levels, while on the downside supports are seen at 11,761 and 11,720 levels.
On the options front, the July series options data was scattered at various strike prices at the beginning of a new series. Maximum Put open interest was at 11,500 followed by 11,000 levels, while maximum Call OI was at 12,000 followed by 12,500. There was Put writing at strike prices 11,800 and 11,600 while Call writing was seen at 12,400 and 12,500 levels. Options data suggested a wider trading range between 11,650 and 12,250 levels.
India VIX fell 1.55 per cent to 14.52 level.
Bank Nifty traded in broader range between 31,150 and 31,500 levels for most part of the session, but managed to hold above 31,000. It formed a small-bodied candle with a long upper shadow on the daily scale, but forming higher highs and lows for past two sessions.
Now it has to hold above 31,000 to extend its move towards 31,313 and then 31,500 levels, whileRead More – Source