The Indian benchmark was opened on a flat to negative note at 12,146.20 levels and continued to move south ahead of GDP numbers reported by Ministry of Statistics and Program Implementation, however the numbers were disappoints as an increment to 4.5% was witnessed lower than the previous figures. The index made an intraday low of 12,017.20 levels but bounced back as buying interest was persisting near the psychological support of 12,000 levels. The index was closed at 12,056.65 levels. Almost all indices closed in red except the realty stocks that added 0.98%.
Maximum Call open interest (OI) of 21.75 lakh contracts was seen at the 12100 strike price followed by 12200-strike price which 16.13 Lakhs. Highest call writing was seen at strike price of 12100, at which 12 lakh contracts traded. Call option suggest 12100 will be next hurdle. Maximum Put open interest of 20.54-lakh contract was seen at the 12000-Strike price followed by 12100 levels with 12.09 lakh open contracts. Highest put writing was seen at a strike price of 11800 at which total 2.81 lakh contracts traded. Put option suggest 12000 will act as a support.
Nifty50 futures is likely to remain in a range of 12,005.84 -12,179.96 levels as per the daily volatility of 0.72 levels. Buying interest at 12,000 levels, slippage in daily volatility and heavy Put W2riting at 12,000 levels will keep the buying opportunity intact at 12,000 levels. A breach of 12,100 levels will activate more buyers to high of 12,150 and 12,200 levels respectively.