. The Indian benchmark opened on a flat note due to lack of further progress in bilateral trade negotiations between U.S. and China at 11,596.20 levels and continued to witness bullish momentum to an intraday high of 11,651.60 levels but erased off the gains as investors started getting cautious on account of election results from the states of Haryana and Maharashtra, which will be disclosed in tomorrow’s session. The index managed to close above the psychological support of 11,600 levels.
Maximum Call open interest (OI) of 26.56 lakh contracts was seen at the 11800-strike price followed by 11700-strike price which 26.26 Lakhs. Highest call writing was seen at strike price of 11800, which was 8 lakh contracts. Call option suggest 11800 will be next hurdle.
Maximum Put open interest of 19.97-lakh contract was seen at the 11600-Strike price followed by 11500 level with 16 lakh open contracts. Highest put writing was seen at a strike price of 11600, which was 4.98 lakh contracts. Highest put unwinding was seen at strike price of 11300, which was .99 lakh contracts. Put option suggest 11500 will act as a support.
On Thursday, Nifty50 futures is likely to remain in a range of 11,492.97 -11,767.43 levels as per the daily volatility of 1.18 levels. Formation of ‘Doji Star’ candle stick pattern on daily scale, election results of Haryana and Maharashtra and lackluster additions in Call and Put writing is likely to keep the investors on tenterhooks. A slippage below the psychological support of 11,550 levels will trigger the formation of ‘Doji Star’ candle stick pattern and activate more sellers to an intraday low of 11,500 and 11,450 levels respectively.