Bullish setup witnessed in Tata Chemicals, Indigo, Hindalco, ICICI Bank, Sunpharma, Ultracemco, SBI | Pre-Market Derivatives and Technical Set-up

Bullish setup witnessed in Tata Chemicals, Indigo, Hindalco, ICICI Bank, Sunpharma, Ultracemco, SBI, Hindustan Unilever, Tataconsumer, Axis Bank and Biocon while Bearish setup is seen in Ambuja Cement, Shriram transport finance, ACC and Reliance.

Nifty index opened positive and continues its streak of making yet another lifetime high of 13280 marks. During the day, it witnessed a decline towards 13150 zones which was smartly bought and finally index registered the highest closing with gains of more than 120 points. It formed a Bullish candle on both the daily and weekly scale and continues forming higher highs - higher lows from the last five trading sessions. Now it has to continue to hold above 13100 zones to witness an up move towards 13400 levels while on the downside major support exists at 13000 zones.

India VIX was down by 5.12% from 19 to 18.02 levels. A lower level of volatility is the new normal and suggests that bulls are holding the grip and any decline could be bought in the market. On option front, Maximum Put OI is at 12000 followed by 13000 strike while maximum Call OI is at 13000 followed by 13500 strike. Marginal Call writing is seen at 13300 then 13600 strike while Put writing is seen at 13200 then 13000 strike. Option data suggests a wider trading range in between 12700 to 13500 zones while an immediate trading range in between 13100 to 13400 zones.

Bank Nifty opened positive and after a small dip it continued its northward journey. It respected the previous day’s close of 29450 and rallied well towards 30200 zones mainly in the second half of the session. It gave the highest daily close in the last 192 trading sessions and settled the day with decent gains of around 600 points. It formed a Bullish candle on a daily and weekly scale and continues to form higher highs – higher lows from the last five weeks. Now it has to hold above 29500 zones to witness an up move towards 30500 and higher zones while key support exists at 29200 zones

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Bullish setup in witnessed in Tata Chemicals, Indigo, Hindalco, ICICI Bank, Sunpharma, Ultracemco, SBIN, Hindustan Unilever, Tataconsumer, Axis Bank and Biocon while Bearish setup is seen in Ambuja Cement, Shriram transport finance, ACC and Reliance.