By Chandan Taparia
Nifty consolidated in a narrow band between 11,920 and 11,970 levels for the most part of Thursdays session ahead of the Union Budget. It formed a small bullish candle on the daily scale and continued to form higher highs for last four sessions, which indicated that the overall bias may remain positive to rangebound.
Now, the index has to hold above 11,850 to witness an upward move towards 12,000 and then 12,040 levels, while supports shifted higher to 11,850 and then 11,777 levels.
On the options front, maximum Put open interest was at 11,500 followed by 11,300 levels while maximum Call OI was at 12,000 followed by 12,500 level. There was Put writing at 11,900 and then 11,800 levels, while Call writing was seen at 12,100 followed by 12,000 levels. Options data suggested a wider trading range between 11,650 and 12,250 levels.
India VIX fell 1.24 per cent to 13.53 level. A decline in VIX level signals short-term stability for the market.
Bank Nifty managed to surpass its consolidation band between 31,000 and 31,500 levels, but failed to hold at higher levels and settled at 31,470. It formed a Doji candle on the daily scale near its lifetime high level, which implied that followup action was missing at higher levels. Now, it has to hold above 31,313 to extend the gains towards 31,500 and then 31,780 levels, while on downside supports were seen at 31,150 and then 31,000 levels.
Nifty futures closed positive at 11,978 level, with a gain of 0.25 per cent. Long buildup was seen in UPL, Bank of InRead More – Source
[contf] [contfnew] 
ET Markets
[contfnewc] [contfnewc]
