Nifty 50 to remain volatile with bullish bias; RVNL, Suzlon among top technical picks by Rupak De of LKP Securities

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Stock market today: Financials and metals were the primary drivers of Monday's declines in the domestic benchmark indices, the Sensex and Nifty 50. A report indicating that the markets regulator was looking into claims of "front-running" at Quant Mutual Fund also caused some small- and mid-cap stocks to fall.The Nifty 50 began trading at 23,382.30 level, down 118.80 points or 0.51%, while the 30-share BSE Sensex opened down by 324.18 points or 0.42% at 76,885.65 level.Also Read: Stocks to buy: PVR INOX, Kalyan Jewellers among 10 stocks that may rise 8-17% in the next 3-4 weeks, say analystsAnalysts predicted that the national budget declaration next month and the earnings season will have an impact on the direction of the markets.On the future and options (F&O) market, Bank Nifty so far added 60.93 lakh contracts in open interest whereas 84.31 lakh have been added in Put open interest, while Nifty 50 so far today have added 90.54 lakh contracts in open interest; whereas 1.62 crore have been added in Put open interest.

Technical views by Rupak De, Senior Technical Analyst, LKP Securities on F&O marketAccording to Rupak De, for Bank Nifty, the call writers have increased positions at the 51,500 to 51,700 strikes, indicating a cluster of resistance. Put writers have unwound their positions at the strikes between 51,500 to 51,800, suggesting an overall weakening of the banking index.

Higher call writing has led to a fall in the PCR from the recent high. Maximum call writing was seen at 52,500, marking the near-term cap for Bank Nifty.Technically speaking, Bank Nifty has formed a bearish engulfing pattern, indicating a possible bearish reversal in the trend.