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The S&P BSE Sensex fell more than 300 points while the Nifty50 closed below 19600 levels on Tuesday.
India VIX was up by 2.95% from 11.50 to 11.78 levels in the previous trading session. Volatility was slightly on the rise and made the market move in a choppy manner with the absence of strength to the bulls.
On the weekly options front, the maximum Call OI is placed at 19700 and then towards 19600 strikes while the maximum Put OI is placed at 19500 and then towards 19400 strikes.
Call writing is seen at 19600 and then towards 19700 strikes while Put writing is seen at 19500 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 19400 to 19700 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a Bearish candle on the daily scale on Tuesday and has been forming lower highs from the last two sessions.
