Nifty Bank record run continues
Nifty index opened flattish and bulls drove it to touch a fresh all time high of 23889 zones. Follow up action is strong across the board and has been trending upwards to move 540 points in the last three sessions. It formed a Bullish candle on daily frame and gave the highest ever close. Now it has to continue to hold above 23750 zones to extend the move towards 24000 and 24150 zones whereas supports are placed at 23650 than 23550 zones.
India VIX was down by 1.89% from 14.31 to 14.04 levels. Lower volatility is comforting the bulls at higher zones.
On option front, Maximum Call OI is at 24000 then 24200 strike while Maximum Put OI is at 23500 then 23700 strike.
Call writing is seen at 23900 then 24100 strike while Put writing is seen at 23800 then 23700 strike. Option data suggests a broader trading range in between 23700 to 24000 zones.
Bank Nifty Index opened on a flattish note but drifted lower towards 52400 zones in the initial hour of the session. However quick recovery was seen from lower zones and the Index hit a new life time high of 52988 marks in the latter part of the day.
It formed a Bullish candle on daily scale and is forming higher lows from the last two sessions. Index has seen a decent rally of 1300 points in the last few days and gave the highest daily close.
Now it has to continue to hold above 52500 zones for an up move towards new life high of 53250 then 53500 zones while on the downside support is placed at 52400 then 52200 levels.
Fin Nifty Index opened on a flattish note and it witnessed a small dip in the opening hour, but the dips were bought into smartly as the index hit a fresh alltime high of 23638. It formed a small bodied Bullish candle on the daily scale and continued the higher highs - higher lows sequence.
Now it has to hold above 23400 zones for momentum to continue towards 23700 then 23850 zones while on the downside support is seen at 23400 then 23200 zones.
Nifty future closed positive with gains of 0.55% at 23862 levels. Positive setup in India Cement, Reliance, IDEA, Biocon, GMR Infra, Bhartiartl, Indus Tower, Granules, Godrejcp, Ultracemco, ICICI Bank, Naukri, Grasim, Lichsgfin, Britannia, Axis Bank and MGL while weakness in NMDC, Bharatforg, VEDL, SAIL, Hindcopper, Tatasteel, Oberoirlty, TVS Motor and Torntpharma.