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India VIX was up by 9.70% from 10.25 to 11.27 levels on Wednesday. Volatility spiked during the day, that gave comfort to the bears as they made their way.
On the weekly front, the maximum Call OI is placed at 19800 and then towards 19700 strikes while the maximum Put OI is placed at 19500 and then towards 19300 strikes. Call writing is seen at 19600 and then towards 19650 strikes while minor Put writing was seen at 19450 and then towards 19400 strikes.
“Options data suggests a broader trading range in between 19200 to 20000 zones while an immediate trading range in between 19300 to 19800 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said. “The Nifty index formed a Bearish candle on daily frame on Wednesday but with long lower shadow,” he said.
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