By Chandan Taparia
The Nifty50 opened positive on Friday and headed towards the 11,630 mark. But it consolidated in a range of 50 points for most part of the session, being the last day of FY2018-19. The index has been forming higher highs and lows for last four sessions and formed a Pin Bar on the daily scale on Friday while a strong bullish candle on weekly scale. This suggests the bulls are holding a tight grip on the market.
Now Nifty has to hold above the previous hurdle at 11,550 to extend its gains towards its lifetime high of 11,760, while on the downside support is seen at 11,450 and then 11,380 levels.
Nifty closed March with a decent gains of 7.70 per cent after consolidating the breakout of last five months. It has been shifting its support to higher levels and a small followup could lead it to a new lifetime high.
India VIX moved up 3.21 per cent to 17.18 level. It held at higher levels and now needs a cool off to shift its base to higher levels.
On the Options front, maximum Put open interest was at 11,500 followed by 11,000 level while maximum Call OI was at 12,000 followed by 11,600 levels. There was Call writing at 11,700 followed by 12,000 levels while Put writing was seen at 11,500 followed by 11,600 levels. The option band signified a broader trading range between 11,400 and 11,800 levels.
Bank Nifty opened positive and made a new lifetime high near the 30,500 level. It saw the highest daily close and formed a big bullish candle on the weekly scale which suggests sustained buying interest and a tight grip of the bulls on the rate-sensitive index.
Now, the index needs to hold above 30,250 to extend the rally towards a new and higher uncharted territory at 31,000 while on the downside support is seen in the 30,000-29,888 zone.
Bank Nifty rallied 13.58 per cent for March 2019 and made Read More – Source
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