On the monthly options front, the maximum Call OI is placed at 19600 and then towards 19500 strikes while the maximum Put OI is placed at 19000 and then towards 19200 strikes.
India VIX was up by 2.61% from 10.90 to 11.18 levels in the previous session. Volatility was slightly on the rise but is still trading at its lower band.
India VIX was down by 1.41% from 12.39 to 12.22 levels on Tuesday. Volatility moved in its previous days range and resulted in a lackluster move in the indices.
The base of the index is shifting higher. It is forming a higher high formation from the last four sessions. “Now, Nifty has to hold above 19,650 zones to extend the move towards 19,850 then 20,000 zones while on the downside support is intact at 19,650 and 19,515 zones,” recommended Taparia.
The Indian market is set to consolidate as the S&P BSE Sensex rallied over 150 points and Nifty50 closed above 18,800 levels. In the last week, the India VIX has been hovering in a small range, while volatility has decreased and comforted the bulls at support zones. Option data suggests a shift in the broader trading range between 18,550 to 19,000 zones with an immediate trading range in between 18650 to 18900 zones. Stocks include BHEL, Bajaj Consumer, and HCL Technologies among others, with suggested target prices and stop loss.