● Nifty index managed to hold support near to 10950 zones and recovered to 11030 levels. It has recently given a breakout above 10929 and sustain buying interest is visible at those crucial support levels from last five consecutive trading sessions
● Now it has to continue to hold above 10950 zones to extend its gains towards 11080 then 11171 levels while on the downside supports are seen at 10929-10925 zones
● Index has got stuck in between 10923 to 11078 zones from last eight trading sessions and requires a range breakout to commence the next leg of rally. It closed flattish on week on basis with a Doji candle which indicates a tug of war while decline is being bought in the market
● Max Put OI is at 11000 followed by 10900 while max Call OI is at 11100 followed by 11000 strike. We have seen meaningful Put writing at 10900 followed by 11000 whereas Call unwinding is seen at all the immediate strikes. Option band signifies an immediate trading range in between 10929 to 11080 zones
● India VIX fell down by 1.10% at 13.44 levels. VIX has to cool down to start the fresh leg of rally to head towards life time high territory
● Bank Nifty remained range bound for the most part of the trading session in between 26700 to 26950 zones. It is finding hurdle near to 27000 zones while major support exists near to 26650 levels
● Bank Nifty has to continue to hold above 26750 zones to witness an up move towards 27000 then 27165 while on decline major support is seen at 26650 then 26400 and lower levels
● Longs in Bajaj Finance, Havells, CEAT, IGL, Apollotyre, ICICI Bank and Voltas while Shorts seen in Bajaj Auto, Apollo Hospital, Heromotoco, Hindalco and UBL.