A Down Day with some Consolidation

Nifty opened with close to a 100 pt gapup, but immediately faced selling pressure close to the 24850 Resistance. Initial bounce towards 24750 again got sold into, post which Nifty broke below the 1st hour lows and even yesterday’s lows but somehow managed to again hold onto the 24500 levels, before closing @ 24543 levels, down 174 pts for the day. Top Nifty Gainers:

Grasim, ShriramFin, Bajaj-Auto Top Nifty Losers: Adani Ports, Adani Ent, Coal India The India VIX cooled down in the 2nd half of the day and ultimately closed @ 16.6 levels, down 3.5% for the day. Range for the Day – 343 pts. Weekly Options Data (Considering Strikes which are within 1500 pts above and below Spot price): Highest Call Base 25500 Highest Call OI Addn 25500 Highest Call OI Unwinding 25700 Highest Put Base 24000 Highest Put OI Addn 24300 Highest Put OI Unwinding 24100 The ATM strike (24550) has a combined (put + call) premium of 275 pts. This is high considering we have 2 more trading days till expiry. View: Nifty continues to trade within a broad 600 pt range with 24500 on the downside and 25100 on the upside. For the week, Nifty will have a bearish bias below 24785 levels while bullish bias will emerge only above 24880 levels.