Nifty futures closed lower on Tuesday, declining 0.69% to 24,654. Meanwhile, India VIX fell over 3% to end at 16.56, indicating easing volatility.
On the options front, the maximum Call open interest (OI) is at the 25,000 and 25,500 strike prices, while the maximum Put OI is at the 24,600 and 24,500 strikes.
Call writing was observed at the 24,600 and 25,000 strikes, while Put writing was seen at 24,300 and 24,550.
“Options data suggests a broader trading range between 24,200 to 25,100 zones, with an immediate range between 24,300 to 24,800 levels,” said Chandan Taparia, Analyst – Derivatives at Motilal Oswal Financial Services.
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“Nifty50 settled with a loss of approximately 180 points on Tuesday, closing below its key support at the 20-day exponential moving average (20 DEMA),” he added.“Unless Nifty50 moves above 24,650, it may witness further profit booking towards 24,400 and then 24,200. Hurdles are seen at 24,750 and 24,850 levels,” Taparia said.On the daily chart, the BSE Sensex formed a bearish candle along with a Bearish Engulfing pattern on Tuesday, signaling weakness and sustained selling pressure at higher levels.
Nifty Bank also formed a bearish candle on the daily chart, with some profit booking from higher levels, though it continues to trade well above its 20 DEMA.
(Expert: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas, shared with ET Bureau)
Bharat Forge: Buy | Target: Rs 1,315 | Stop Loss: Rs 1,247
Saregama India: Buy | Target: Rs 595 | Stop Loss: Rs 540
Metropolis Healthcare: Buy | Target: Rs 1,765 | Stop Loss: Rs 1,680
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of The Economic Times)
