‘Money Market’ by Raunak Singh


● Nifty index continued to form higher lows for 4th session and headed towards 10,816. However, it closed positive even after slipping around 50 points from higher zones

● Now, it has to hold above 10,777 to extend its move towards 10,835 then 10,888 while a drift below 10,740 – 10,735 zone could drag it towards 10,700 then 10,660

● On the weekly scale, index formed an Inside Bar and a Hammer candle. At the same time, it has been forming lower highs from last 3 weeks

● Max Put OI stood at 10,600 then 10,700 while Max Call OI is at 10,800 then 11,000. Put writing seen at 10,700 and 10800, while Call writing is at 10,800 strike. Options band signifies an immediate trading range between 10,660 to 10,835

● India VIX fell down by 1.11% to 12.45. VIX has been falling since last 4 sessions and lower volatility indicates limited downside in the market till it remains below 13.50 zones

● Bank Nifty formed a high wave Long Legged Doji candle on the daily scale and finally closed near 26,500

● Now, it has to hold above 26,500 to witness an up move towards 26,750, while a hold below 26,400 could drag it towards 26,250 then 26,100. Bank Nifty has got stuck between 26,000 to 26,800 levels since last 24 sessions and requires a decisive range breakout to commence the next leg of rally

● Longs in Bajaj Auto, Dish TV, M&M, HCL Tech, TataMTR DVR, All Bank and Hero Moto

● Shorts in Apollo Hospital, GodrejInd, OFSS, NIIT Tech, TechM, JubFood and Titan

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