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IT stocks: Sector rotation, demand recovery hopes may support; Infosys, Wipro, Cyient among Emkay Global’s top picks“Nifty index opened positive and went on to touch a fresh all time high of 23411 zones and remained in the range of its opening tick throughout the day. It took support at 23227 and closed with marginal losses near 23260.
It formed a small bodied Bearish candle but has been making higher lows from the last four sessions. Now it has to hold above 23200 zones for an upside move towards 23500 then 23700 zones whereas supports are placed at 23100 then 23000 zones," said Chandan Taparia, Head – Equity Derivatives and Technicals, Broking and Distribution, MOFSL.India VIX was down by 2.84% from 16.88 to 16.40 levels.
Volatility has cooled off from its significant highs and comforting the bulls. Call writing is seen at 23500 then 23400 strike while Put writing is seen at 23000 then 22900 strike.
Option data suggests a broader trading range in between 22700 to 23700 zones while an immediate range between 23000 to 23500 levels.On the Bank Nifty outlook, Taparia said, “Bank Nifty Index opened on a flattish note and gradually extended the momentum towards 50250 zones in the initial hour of the session. Later the Index remained choppy in a wider range in between 49750 to 50100 zones and ended on a flattish note near 49800 zones.
It formed a Doji sort of candle on daily scale but is forming higher lows from the last four sessions. Now it has to continue to hold above 49500 zones for an up move towards 50000 then 50500 zones while on the downside support shift higher at 49500 then 49250 levels."Also read: Stock market today: Nifty 50, Sensex snap 3-day winning run amid weak global cues; mid, smallcaps outperformChandan
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