Bank Nifty has to hold above 48888 for an up move

Nifty index opened positive above 22550 zones but continued weakness from the previous session and moved in a range of 150 points throughout the day. It witnessed swings within a range and respected 22400 as a support zone. It has formed a small bodied Bearish candle and an Inside Bar on daily frame. Now it has to cross and hold above 22500 for the Index to extend its move towards 22650 then 22794 zones whereas supports are placed at 22350 then 22222 zones.

India VIX was up by 13.54% from 14.62 to 16.60 levels. Volatility spiked to around 17 and created swings in the market.

On weekly front, Maximum Call OI is at 22800 then 22700 strike while Maximum Put OI is at 22000 then 22300 strike. Call writing is seen at 22500 then 22800 strike while Put writing is seen at 22400 then 22300 strike. Option data suggests a broader trading range in between 22000 to 23000 zones while an immediate range between 22300 to 22700 levels.

Bank Nifty Index opened on a positive note but failed to hold 49250 zones and remained quite choppy for most part of the session in a wider range of 350 points. It formed an Inside bar on daily scale as momentum was missing at either sides and ended on a flattish note near 48900 zones. Index has been hovering above 20DEMA. Now it has to continue to hold above 48888 zones for an up move towards 49250 then 49500 zones while on the downside support is seen at 48650 then 48500 levels.

Fin Nifty Index opened positive and slowly declined by around 200 points from higher levels. It formed an Inside bar on daily chart and traded in a broader band. Index has corrected by almost 400 points from higher levels in the past two sessions and retested breakout on daily scale. Now till it holds above 21600 levels momentum can be seen towards 21900 then 22136 zones while on the downside support is visible at 21600 then 21500 levels.

Nifty future closed negative with losses of 0.05% at 22563 levels. Positive setup in Godrejprop, Alkem, Deepakntr, ABB, Siemens, Marico, Colpal, Mcdowell, Coromandel, M&M, Lupin and Auropharma while weakness in Titan, PNB, Can Bank, ZEEL, Adanient, RBL Bank, IOC, BSoft, UP, HDFC Life and Coforge.