The index was opened on a positive note at 11,919.45 levels and continued to trade in a narrow range of 11,881.75-11,958.85 levels. Formation of ‘Symmetrical Triangle’ pattern on hourly scale was keeping the indecisiveness intact. However, the breach on upper side faded off any kind of pessimism along with negating the formation of ‘Spinning Top’ candle stick pattern in previous trading session activated buyers in last hour to a high of 11,958.85 levels. On sectorial upfront, all indices were trading mixed while PSU Bank stocks gained 3.88%.
Maximum Call open interest (OI) of 23.84 lakh contracts was seen at the 12000 strike price followed by 12100-strike price which 15.17 lakhs. Highest call writing was seen at strike price of 12100, at which 1.70 lakh contracts traded. Call option suggest 12050 will be next hurdle. Maximum Put open interest of 27.21-lakh contract was seen at the 11900-Strike price followed by 11800 levels with 21.90 lakh open contracts. Highest put writing was seen at a strike price of 11900 at which total 11.31 lakh contracts traded. Put option suggest 11850 will act as a support.
Nifty50 futures is likely to remain in a range of 11,893.51 -12,078.09 levels as per the daily volatility of 0.77 levels. Breach of ‘Symmetrical Triangle’ formed on hourly scale. A breach of 12,000 levels will activate more buyers to a high of 12,050 and 12,100 levels respectively.