Consolidation near to 24500 Support continues.

Nifty opened with close to a 50 pt gapup, but faced selling pressure close to the 24610 levels post which it made a low at 24530. Trading today was confined to a very narrow range with Nifty ultimately closing @ 24620 levels, up by 78 pts for the day. It was a day for option sellers to eat premiums. Top Nifty Gainers: $ETERNAL , JIOFIN, Indusind Bank Top Nifty Losers: Bajaj Finserv, TRENT, $EICHERMOT The India VIX cooled down even further today and ultimately closed @ 15.7 levels, down 4.9% for the day. Range for the Day – 114 pts. Weekly Options Data (Considering Strikes which are within 1500 pts above and below Spot price): Highest Call Base 25000 Highest Call OI Addn 24600 Highest Call OI Unwinding 26000 Highest Put Base 24600 Highest Put OI Addn 24600 Highest Put OI Unwinding 23500 MAX PAIN 24600 The ATM strike (24600) has a combined (put + call) premium of 150 pts. This is slightly high considering we have expiry tomorrow. 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.