F&O: Buying on dips holds out hope, but rising VIX is a worry

Nifty50, Nifty F&O, Nifty, F&O, India Vix, Options data

Nifty50 opened positive on Tuesday, but failed to hold above the 17,900 level and cascaded down to the 17,567 level. However it recovered well by around 200 points with support at the 17,580 level, but finally closed with a loss of around 120 points.

The index formed a bearish candle on the daily scale, with a longer lower shadow, indicating declines are getting bought into. Now it has to continue to hold above the 17,777 level, for a bounce towards 17,900 and 18,000 levels, whereas support is placed at 17,650 and 17,580 levels.

India VIX moved up 2.67 per cent from 18.05 to 18.53 level. A spurt in India VIX is causing volatile swings and now it has to cool down below the 15-14 zone to continue the market’s smooth ride.

On the Options front, maximum Put Open Interest stood at the 17,000 level followed by 17,500 level, while maximum Call OI stood at the 18,000 level followed by 18,500 level. There was Call writing at 17,800 and then 17,900 levels, while there was Put writing at 17,500 and then 17,200 levels. Options data suggested a trading range between 17,600 and 18,000 levels.

Bank Nifty opened positive and went on to touch a record high at the 38,377 level, but there was a decline due to profit booking and the index sank to the 37,315 level. The index formed a bearish candle, with a long lower shadow on the daily scale and continues to form higher highs since the last four sessions, but breached the previous day’s low.

Now, the index has to continue to hold above the 37,850 level to witness a bounce towards the 38,300 and 38,500 levels, while on the downside, major support was seen at the 37,500 and 37,300 levels.

Nifty futures closed negative with a loss of 0.72 per cent at the 17,729 level. Among specific stocks, the trade setup looked bullish in BHEL, PFC, REC Ltd, HPCL, PowerGrid, Coal India, NTPC, IOC, GAIL, BEL, Escorts, IEX, Sun Pharma, Titan, Kotak Bank, Naukri and Reliance but weak in Metropolis, Lalpath Labs, TechM, LTI, Apollo Hospital, Divi’s Labs, Chola Finance, MFSL, Infosys, HCL Tech, Havells and Wipro.

(Chandan Taparia is Technical & Derivative Analyst at MOFSL. Investors are advised to consult financial advisers before taking an investment calls based on these observations)

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