With most Asian indices trading in the red, Nifty also started on a bearish note (with a gap down of around 80 pts) in early trade today and tested the 24500 support zone making a low at 24526 within the 1st 30 mins of trade. Thereafter, buying emerged and Nifty managed to break above the morning high and also traded in the green for a little while before facing resistance at the Intra-day CPR zone and closed @ 24717 registering a loss of 34 pts. $HDFCBANK The India VIX closed above 17 levels with gains of more than 6.7%. Range for the Day – 228 pts. Weekly Options Data (Considering Strikes which are within 1500 pts above and below Spot price): Highest Call Base 26000 Highest Call OI Addn 25600 Highest Call OI Unwinding 24800 Highest Put Base 24000 Highest Put OI Addn 24500 Highest Put OI Unwinding 24800 The ATM strike (24700) has a combined (put + call) premium of 431 pts. This is high considering we have 3 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.

#TechnicalViews#IndexStrategies#Post-ClosingCommentary#PersonalFinance

1 like