F&O: Nifty negates higher highs & lows in signs of bearishness

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

Nifty50 on Monday opened gap down due to dampened global cues, but managed to recover above the 17,600 level in the initial hour. However, weakness swept across once again and caused the index to drift towards immediate support at the 17,350 level. Nifty closed the day below the 17,400 level with a loss of around 190 points.

Nifty formed an Inverted Bearish Hammer kind of candle on the daily scale and negated the formation of higher highs and lows of the last four sessions. Now, till it holds below the 17,600 level, any bounce could face selling pressure for a downside move towards 17,350 and 17,272 levels, while on upside a key hurdle exists at the 17,777 level.

India VIX moved up sharply by 14.86 per cent from 15.23 to 17.49 level. A spurt in India VIX may cause volatile swings and trigger some profit booking in the market. VIX is hovering at its highest levels in last 76 trading sessions.

On the options front, maximum Put Open Interest stoos at 17,000 followed by 17,500 levels, while maximum Call OI was at 17,500 followed by 18,000 levels. Call writing was seen at 17,500 and then 17,700 levels, while there was Put writing at 17,200 and then 17,400 levels and unwinding at 17,600. Options data suggested a broader trading range between 17,000 and 17,800 levels while the immediate trading range stood between 17, 200 and 17,600 levels.

Bank Nifty opened with a gap down in line with the broader market and some sort of consolidation was seen in the initial hour, but weakened thereafter and fell towards the 37,000 level. It closed with a loss of 666 points by negating the formation of higher highs of the last four sessions. It formed a bearish candle on the daily scale with the long upper shadow, which indicates concern for the bulls. Now, it has to respect an immediate support of 36,850 level to witness a bounce towards 37,500 and 37,800 levels while on the downside support was seen at the 36,500 level.

Nifty futures closed negative with a loss of 1.40 per cent at the 17,356 level. On the stocks front, the bullish setup was seen in HUL, Marico, PVR, ICICI Pru, Bajaj Finserv, Nestle India and HCL Tech but weak in Tata Steel, Jindal Steel, NMDC, JSW Steel, SAIL, Indiabulls Housing Finance, India Mart, Tata Chemical, UPL, PEL, BHEL, Canara Bank, Glenmark, Aurobindo Pharma, Havells, DLF, STAR, Gujarat Gas, LIC Housing Finance, RBL Bank, Muthoot Finance, Tata Motors, Ipca Labs, Sun TV, Dr Reddy’s and Cummins India.

(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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