The Nifty future closed positive with gains of 0.08% at 24,641 levels on Tuesday. India VIX was up by 0.25% from 14.11 to 14.22 levels.
On the options front, the maximum Call OI is placed at 25,000 and then towards 24,700 strikes while the maximum Put OI is placed at 24,000 and then towards 24,500 strikes.
Call writing is seen at 24,700 and then towards 24,650 strikes while Put writing is seen at 24600 and then towards 24,650 strikes.
“Options data suggests a broader trading range in between 24,200 to 25,000 zones while an immediate range between 24,400 to 24,800 levels,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Now the index has to hold above 24550 zones for a fresh up move towards 24750 and 24900 zones whereas supports are placed at 24500 then 24400 zones,” he said.
On a daily scale, Nifty formed a Doji candlestick pattern for the second consecutive trading session on Tuesday. This clearly indicates indecisiveness among the market participants ahead of the Union Budget.
“The zone of 24,550-24,530 level will act as immediate support for the index. As long as the index is trading above the 24530 level, it is likely to continue its upward journey and test the level of 24,680, followed by 24,760 in the short-term,” says Sudeep Shah, Deputy Vice President and head of Technical and Derivative Research, SBI Securities.
“While, on the downside, if the index slips below the level of 24,530, then the next support is placed in the zone of 24,450-244,30 level,” he said.