F & O: Nifty denies bottom top and bottom to give a bullish atmosphere

Nifty Tuesday started with a gap along the global stock exchange and rose all day long. The index respected key support at the 14,350 level and headed for the 14,550 mark. It ended the day with a decent profit of about 240 points at a strong forward-down rate. The index formed a bullish candle on a daily scale, denying the formation of the lower top and bottom of the last two sessions.

Now it needs to hold over 14,450 levels to extend its movement towards The best of my life Levels 14,653, then 14,750, but on the downside, there is major support at levels 14,350 and 14,200.

India VIX fell 6.16% from 24.39 to the 22.89 level. Volatility needs to be cooled below 20 levels to start a new, best-of-life rally. However, volatility can be relatively higher than the budget 2021.

In terms of options, the maximum put open position was 14,000 levels, followed by 13,000, and the maximum call OI was 15,000, followed by 14,500 levels. There was call writing at an exercise price of 15,000, then 14,700, and put writing was seen at 14,400 and was rewound at the 13,500 level.Optional data Wider trading range Between the 14,000 and 14,800 levels, the immediate trading range is found between the 14,300 and 14,700 levels.

Banknifty opened with a gap in the first half of the session to maintain integration, but moved north along broader market sentiment. Bank stocks during the day were strong and the interest rate sensitive index was heading towards 32,500 marks.

It formed a bullish candle on a daily scale with a long lower shadow. This shows that all declines are quickly accepted. Currently, you must be above the 32,200 level to witness a bounce to the 32,750 and 33,000 levels, but on the downside there is support at the 32,000 and 31,750 levels.

Witty futures closed positive at the 14,572 level with a 1.99% rise.The trading system looked positive IDFC First Bank, Chola Finance, Federal Bank, DLF, Tata Motors, REC, Havells, Grasim, Siemens, Lupin, L & T, Bata India, Voltas, Berger Paint, Apollo Hospital, Dependence And Bajaj Auto is vulnerable to Tata consumers.

(Chandan Taparia is a technical and derivative analyst at MOFSL. Investors are advised to consult a financial adviser before receiving an investment call based on these observations.)