The index was opened on a positive note and continued to trade lackluster in a narrow range of 11,867.60-11,946.20 levels. The index was closed at 11,884.50 levels, with a marginal loss of 0.09%. All indices delivered a mix performance out of which metal stocks gained 1.63%.
Maximum Call open interest (OI) of 26.31 lakh contracts was seen at the 12000 strike price followed by 11900-strike price which 18.73 Lakhs. Highest call writing was seen at strike price of 11900, at which 6.26 lakh contracts traded. Call option suggest 12000 will be next hurdle. Maximum Put open interest of 18.62-lakh contract was seen at the 11800-Strike price followed by 11900 levels with 16.89 lakh open contracts. Highest put writing was seen at a strike price of 11900 at which total 2.86 lakh contracts traded. Put option suggest 11800 will act as a support.
Nifty50 futures is likely to remain in a range of 11,831.98 -12,018.25 levels as per the daily volatility of 0.78 levels. Formation of ‘Spinning top’ candle stick pattern on daily scale, continuous slippage in daily volatility and ineffective additions in far the money options are hinting for continuation of indecisiveness in the market. We advised you to restrict from making long positions in current scenario.