Pre-Market Derivatives and Technical Set-up
🔎 Nifty
Index started on a negative note and slipped by around 1900 points during the day amidst the volatile scenario of 2024 Lok Sabha election results. It witnessed some recovery towards the second half of the session but witnessed huge swings within a matter of flicks. It formed a big Bearish candle on daily frame with longer lower shadow and closed with massive losses of around 1380 points
📊 Now till it holds below 22222, it may witness some more profit booking decline towards 21600 then 21300 zones while on the upside hurdles are seen at 22222 and 22500 zones
🎢 India VIX spiked up by 27.75% from 20.94 to 26.75 levels. Volatility jumped above 31.5 zones and paved a smooth runway for the bears
🧮 On option front, Weekly Maximum Call OI is at 23000 then 22500 strike while Maximum Put OI is at 21000 then 21500 strike. Call writing is seen at 22000 then 22500 strike while minor Put writing is seen at 21700 then 21900 strike. Option data suggests a broader trading range in between 21000 to 23000 zones while an immediate range between 21500 to 22500 levels
🔎 Bank Nifty
Index opened gap down by more than 350 points and remained under sustained selling pressure as Index corrected by almost 4000 points towards 46000 zones. We have seen one of the biggest intraday fall in the last many years and later the Index remained highly volatile in a wider range 1500 points. Some bounce was seen from its 200 DEMA but it formed a big Bearish candle on daily scale as Bears were dominating for most part of the day and ended with massive losses of around 4000 points
📊Now till it holds below 47777 zones more weakness could be seen towards 46000 then 45500 levels while on the upside hurdle is seen at 47777 then 48500 zones
🔎 Fin Nifty
Index opened negative and witnessed huge selling pressure right from the word go as intraday crack of 2000 points was seen throughout the day. It erased gains of the previous two months as intensive sell off was seen across the space. It formed a big Bearish candle on daily scale and resistance is drifting lower
📊Now till it holds below 21350 zones selling pressure can be seen towards 20450 then 20000 zones while on the upside hurdle is seen at 21350 then 21700 zones
Stocks
🚀 Bullish setup in Colpal, Dabur, Hindunilvr, Godrejcp, Marico, Heromotoco, Britannia, Suntv, Tataconsum, UBL and Mcdowell
🐻 Bearish setup in BHEL, BEL, Concor, SAIL, Hindcopper, Nationalum, ONGC, HAL, Ambuja Cement, GAIL, Hinpetro, Bank Baroda, PNB, Indus Tower, HDFC AMC, ACC, Lichsgfin, NTPC, India Cement, Can Bank, Coal India, RBL Bank, IRCTC, MCX, DLF, IOC, Cumminsind, ZEEL, NMDC, Dalbharat, Tatasteel and Bandhan Bank
Technical & Derivatives Research, Mmarrk Capitals (Motilal Oswal)
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