Nifty50 was opened on a positive note at 12,071.25 levels and continued to trade lackluster but started moving back and forth six-member led RBI committee come with a neutral stance and diminish their forecast of GDP to 5%. The index managed to close above the psychological support of 12,000 levels. On sectorial upfront, indices are closed on a mix note out of which metal stocks eased 2.31%.
Maximum Call open interest (OI) of 13.21 lakh contracts was seen at the 12100 strike price followed by 12200-strike price which 9.49 Lakhs. Highest call writing was seen at strike price of 12100, at which 9 lakh contracts traded. Call option suggest 12100 will be next hurdle. Maximum Put open interest of 12.49-lakh contract was seen at the 12000-Strike price followed by 11900 levels with 11.50 lakh open contracts. Highest put writing was seen at a strike price of 11500 at which total 6.86 lakh contracts traded. Put option suggest 11950 will act as a support.
Nifty50 futures is likely to remain in a range of 11,965.47 -12,122.03 levels as per the daily volatility of 0.65 levels. Formation of ‘Hidden Divergence’ on hourly scale, continuous slippage in daily volatility and heavy additions to Call Writing at 12,100 are hinting for a lackluster movement. However, a breach of 12,100 will activate more buyers to a high of 12,150 and 12,200 levels.