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Sensex rose nearly 400 points while the Nifty50 closed above 19700 levels on Thursday.
India VIX was down by 1.83% from 10.67 to 10.87 levels in the previous session. Volatility has been cooling off from the last three weeks and comforting the bulls at support zones.
On the weekly options front, the maximum Call OI is placed at 19800 and then towards 19900 strikes while the maximum Put OI is placed at 19600 and then towards 19500 strikes.
Call writing is seen at 20000 and then towards 19900 strikes while Put writing is seen at 19600 and then towards 19500 strikes.
“Options data suggests a shift in broader trading range in between 19400 to 20000 zones while an immediate trading range in between 19500 to 19900 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a strong Bullish candle on the daily frame on Thursday with a longer lower shadow indicating strong support-based buying.
