F&O: Bulls stage a comeback; Nifty now has to hold 13,500
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F&O: Bulls stage a comeback; Nifty now has to hold 13,500By Chandan Taparia, ET CONTRIBUTORS
Last Updated: Dec 23, 2020, 05:03 PM IST
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Synopsis
Nifty has to hold above the 13,500 level to witness a bullish bias and move towards its lifetime high in the 13,750-13,777 zone, while on the downside, major support exists at 13,333 and 13,131 levels.
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India VIX fell 6.76 per cent from 21.98 to 20.49 levels. A cooldown in volatility from higher levels has given support for a decent bounceback. Now, it has to hold below 19 level to help the bulls continue their grip on the market.
F&O: Nifty tech charts, falling VIX signal a bounceback ahead
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Last Updated: Dec 22, 2020, 05:03 PM IST
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The index has to hold above the 13,450-13,500 zone to witness a bullish bias towards 13,600 and the 13,750 levels
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India VIX fell 5.20 per cent from 23.19 to 21.98 levels. A cooldown in volatility from higher levels has provided support for a decent bounceback move, and it now has to hold below the 19 mark to help the bulls continue their grip on the market.
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Nifty opened positive on Tuesday, but failed to surpass the immediate hurdle at 13,450 level and drifted towards the 13,200 mark in first hour of the session. The index formed its intraday base at 13,200 level and witnessed a decent recovery of more than 300 points from lower levels in the second half.
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Nifty opened positive on Thursday and continued its upward move towards a new lifetime high at the 13,773 mark. The index continued its winning streak for the fifth consecutive session and closed with a gain of more than 50 points. It formed a small bullish candle on the daily chart towards 13,850 and then 14,000 levels, while on the downside support exists at 13,500 level.
India VIX slipped marginally by 0.22% from 19.20 to 19.15 level. The overall lower volatility suggests the bulls are holding a tight grip on the market and any small decline could trigger buying.
On the options front, maximum Put open interest stood at 13,000 level followed by 13,500, while maximum Call OI was at 13,000 followed by 13,500 levels. Marginal Call writing was seen at 14,100 and then 14,000 levels while there was Put writing at 13,500 and then 13,700 levels. Options data suggested a trading range between 13,500 and 14,000 levels.