SGX NIFTY: 10911 (-31). However NIFTY 50 closed at 10943
Dollar: 71.31 vs 71.46
Gold: 1313 per ounce vs 1309 per ounce
Crude: 61.39 vs 61.41
US bond rate: 2.63 percent vs 2.64 percent
India Bond rate: 7.33 percent vs 7.31 percent
VIX: 15.57 vs 15.44
Market looks weak with in a range. Nifty Weekly Options starting today. You can write 11200 Call Option (Weekly).
Actionable – Buy Kotak Bank, Pidilite, UPL.
Future Retail- Amazon puts on hold plans to buy stake in Future Group- Negative for the stock.
Suntv- Good Numbers thanks to subscription revenue growth and better than expected movie revenue growth.
BPCL- Reported better than expected Quarterly numbers adjusted for Inventory loss.
Gujarat Gas- Reported better than expected Quarterly numbers.
Derivatives View – VIX Closed at 15.58. . Put unwinding is seen at all the immediate strikes from 10900 to 10700 strikes while Call writing is seen at 11000 to 11200 strikes. Option band signifies the trading range in between 10800 to 11100. Lower VIX and option data suggest buy on dip strategy.
[2/11, 9:14 AM] Raunaq Singh: ● Nifty index opened negative and witnessed sustain selling pressure till the end of session towards 10925 zones. It wiped out most of its gain of the week and formed a High Wave candle with long upper shadow which indicates that selling pressure is intensifying at higher zones
● It has negated its formation of higher lows of last 7 trading sessions and witnessed profit booking after the consecutive gains of last six trading sessions
● It formed a Doji candle followed by a Bearish candle on daily scale which suggests a short term pause in positive momentum as it failed to hold its gains even after its consolidation breakout above 10985 zones
● Now it has to again cross and hold above 10985 zones to witness an up move towards 11080 zones while on the downside support exists at 10880 then 10820 levels
● Max Put OI is at 10700 then 10400 and 10500 strike while Max Call OI is at 11000 then 11300 strike. Put unwinding is seen at all the immediate strikes from 11100 to 10700 strikes while Call writing is seen at 11000 to 11200 strikes. Option band signifies a lower shift in the trading range in between 10800 to 11100
● India VIX moved up by 0.87% at 15.58 levels. VIX needs to hold below 16 zones to extend its positive momentum with the hold above 10985
● Bank Nifty failed to surpass 27500 zones and corrected towards 27220 levels. It has negated the formation of higher lows of last four session and finding multiple hurdles in between 27500 to 27750 zones from five weeks
● Now it has to cross and hold above 27350 zones to extend its move towards 27500 then 27750 zones while support exists at 27000 then 26850
● Longs in Infratel, Kotak Bank, Hexaware, Divis Lab and Siemens
● Shorts in Tata Motors, NHPC, KSCL and Bank India