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India VIX was down by 0.80% from 12.24 to 12.14 levels in the previous trading session. Volatility rose to 12.5 during the day and has been holding above 12 from the last few sessions.
On the weekly options front, the maximum Call OI is placed at 19400 and then towards 19500 strikes while the maximum Put OI is placed at 19300 and then towards 19200 strikes. Call writing is seen at 19400 and then towards 19500 strikes while Put writing is seen at 19300 and then towards 19200 strikes.
“Options data suggests a broader trading range in between 19000 to 19600 zones while an immediate trading range in between 19100 to 19500 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said. “Nifty formed a Doji sort of candle on the daily scale on Friday and closed with losses of around 60 points with lower highs from two sessions.
It formed a Bearish candle on the weekly frame and has been making lower highs from the last four weeks,” he said. “Now till Nifty holds below 19350 zones, weakness could be seen towards 19250 then 19100 zones whereas hurdles are placed at 19420 then 19560 zones,” recommended Taparia.
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