By Chandan Taparia


Nifty opened positive on Tuesday, but failed to conquer its short-term hurdle in the 11,300-11,333 zone and drifted towards the 10,180 mark. It then witnessed some recovery from the lows, but the bounces got sold into at the intraday hurdle of 11,250. The index continued its losing streak for the fourth consecutive session and corrected more than 500 points from 11,600 to 11,088 level. Nifty has been making lower tops and bottoms on the daily scale and closed below its 50 DEMA, giving the bears an upper hand.

The index formed a Bearish Belt Hold pattern, as it opened high and remained under pressure at every small bounceback. As long as the index sustains below the 11,333-11,300 zone, any bounce could get sold into to trigger further weakness towards 11,000 and 10,880 levels, while on the upside, the medium-term hurdle is shifting lower to 11,450 level.

India VIX fell 3.52 per cent from 22.18 to 21.41 level. The slight cooling down of volatility despite the weakness in the market indicates some sort of a rangebound move in the coming sessions with the upside capped.

On the options front, maximum Put open interest (OI) stood at 11,000 level followed by 10,500, while maximum Call OI was at 11,500 followed by 11,600 levels. There was Call writing at strike prices 11,200 and 11,300 levels followed by Put writing at 11,000 and 11,100. Options data suggested a wider trading range between 11,000 and 11,500 levels.

Bank Nifty continued its weakness into the fourth consecutive session and drifted towards its key support at 21,000 level. It saw a breakdown below the 22,000 mark last Friday and after that corrected around 1,000 points to touch a key support at 21,000 level. The index formed a bearish candle on the daily scale even as resistance levels shifted lower gradually. Now a hold below 21,000 level can continue the weakness towards the 20,500-20,300 zone while hurdles exist at 21,500 and 21,750 levels.

Nifty futures closed negative at 11,177 level with a loss of 0.70 per cent. The trade setup was positive Mindtree, Divi’s Labs, HCL Tech, TCS, TechM and Infosys but weak in Canara Bank, M&M Financial, BHEL, Bharti Infratel, GAIL, HPCL, BEL, Maruti, IndusInd Bank, Axis Bank and L&T.

(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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