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Budget 2024 day.
The Nifty future closed negative with losses of 0.05% at 24,517 levels on Monday. India VIX was up by 4.18% from 14.82 to 15.44 levels.
Volatility inched higher slightly, but it is hovering near its lower zones which is comforting the bulls.
On the options front, the Maximum Call OI is placed at 25,500 and then towards 25,000 strikes while the maximum Put OI is placed at 24,000 and then towards 23,500 strikes.
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Call writing is seen at 24,500 and then towards 25,700 strikes while Put writing is seen at 24,000 and then towards 24,400 strikes.
“Options data suggests a broader trading range in between 24,200 to 25,000 zones while an immediate range between 24,300 to 24,700 levels,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a small-bodied Bullish candle on Monday with a longer lower shadow indicating recovery from lower levels,” he said.
“Now the index has to hold 24,500 zones for an up move towards 24,750 and 24,850 zones whereas supports are placed at 24,350 then 24,250 zones,” recommended Taparia.
The Nifty Bank index opened gap down and remained under pressure in the first half of the trading session on Monday, but later witnessed buying interest and
