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    F&O: Put writers take control of market, may lift Nifty even higher

    Mon, 06/19/2017 - 07:26 EDT - The Economic Times
    • RDF10

    By Chandan Taparia The Nifty50 index opened in the positive above the immediate hurdle of 9,620 and headed towards the 9,680 level in Monday’s session. It has negated the formation of lower tops and lower bottoms and seen a breakout on the upside from its falling channel on the hourly chart. Now, it has to continue to hold above 9,620 to witness an upward move towards its lifetime high of 9,709 and 9,750 marks, while on the downside, supports are seen at 9,580 and 9,550 levels. On the options front, maximum Put open interest was seen at strike prices 9,500 and 9,600 while maximum Call open interest stood at strike prices 9,700 and 9,800. We have seen significant Put writing at strike prices 9,700 and 9,600, while major Call unwinding was seen at strike prices 9,600, 9,650 and 9,700. Fresh Put writing and Call unwinding at at-the-money strikes suggests Put writers have taken the market in their grips and follow-up activity may take it to a new lifetime high. India VIX fell 2.68 per cent to 10.62 and lower volatility is supporting the overall bullish undertone of the market. The Bank Nifty opened in the positive and made a new lifetime high of 23,806. It has managed to hold above 23,500 and surpassed the previous lifetime high of 23,708. It has to hold above 23,500 to extend its upward move towards 24,000 level, while on the downside, immediate support is seen at the 23,333 mark. Long buildup was seen on the counters of Tata Elxsi, Tata Steel, Sun TV, HDFC, PowerGrid and Asian Paints while shorts were seen on select pharma and oil marketing counters.

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    Related

    • F&O: Put writers call the shot; 9,620 level key to Nifty rally

      By Chandan Taparia The Nifty50 index failed to cross immediate hurdle at 9,680 and traded in a small range of 30 points. It formed a small-bodied candle and witnessed consolidation for the most part of the session before finally closing the day on a flattish note near the 9,650 level. Now, it has to hold above the 9,620 level to witness an upward move towards its lifetime high of 9,709 and 9,750 marks, while on the downside, supports exist at 9,580 and 9,550 levels.

    • Nifty may see fresh rally only if it crosses triple top hurdle at 9,700

      By Chandan Taparia The Nifty50 index failed to surpass the 9,680-9,700 zone and closed with a marginal loss of around 9 points. It traded inside the trading range of Thursday’s session and formed a ‘Harami’ pattern on the daily chart. However, it closed on a flat to negative note. The Nifty50 has been making higher lows for last five sessions. Now if it negates the formation of higher lows by holding below 9,640, only then may it pause the upward move and see rangebound move with support at 9,620 and 9,560 levels.

    • F&O: Bank Nifty breaks out of its range; likely to lift Nifty50 higher

      By Chandan TapariaThe Nifty50 index opened in the positive and made a new lifetime high of 10,782 on Monday. It formed an Inverted Hammer pattern at the top and traded near its supply trend line of the monthly chart, but the bulls were not ready to loosen their grip.Overall, the index has been making higher top and higher bottom, and supports are gradually shifting higher.

    • F&O: Nifty50 slips below 9,620, forms lower low for 5th session

      By Chandan Taparia The Nifty50 failed to hold above the 9,620 level and corrected towards the 9,560 mark. It has been making lower lows from the past five consecutive sessions and resistance levels are shifting lower. The index formed a Bearish Belt Hold pattern on the daily chart and closed below the immediate support at the 9,580 level. Now, if it sustains below 9,580, then selling pressure could be seen towards 9,550 and 9,530 levels, while it needs to cross and hold above 9,620 level to witness a bounceback towards multiple hurdles at 9,650 and 9,680 levels.

    • F&O: PCR suggests market in tight grip of bulls, Put options writers

      By Chandan Taparia The Nifty50 surpassed its previous lifetime high of 9,709 and registered a new record high of 9,782 on Monday. It formed a strong Bullish Candle on the daily chart and saw the breakout from its right angle triangle pattern. The index closed with decent gains of more than 100 points, even after a technical snag halted trading on the NSE platform for over three hours. Now, it has to continue to hold above 9,700 to extend this upward move towards the 9,850 level and higher, while on the downside, supports exist at 9,650 level.

    • F&O watch: Nifty negates lower highs; index futures rollover 70%

      By Chandan Taparia The Nifty50 index opened in the positive and witnessed a strong bounce, rallying more than 150 points. The index made a strong bullish candle on the daily chart by negating the formation of lower highs in last three sessions. The index has almost engulfed the price consolidation of last five sessions and closed strongly above the 9,500 mark. Now, it has to hold above the 9,550 level to witness an upward move towards 9,600 levels, while on the downside supports are seen at 9,420 and 9,380 levels.

    • F&O: Nifty to hold up till it does not negate higher highs & lows

      By Chandan Taparia The Nifty50 index formed a new high of 10,453 but remained dull for most part of the day. It formed a small bearish candle and mostly remained inside the trading range of last session. Major trend of the market is going to be positive till it remains above the 10,380 mark. On the upside, hurdles are seen at 10,500 and then 10,550, while on the downside supports are seen at 10,350 and then 10,300-10,280 zone. Overall, the Nifty50 has been making higher top and higher bottom. As long as it does not negate this formation, the index is likely to hold its strength.

    • F&O: Brisk Put writing at 9,600 & 9,500 should lift Nifty higher

      By Chandan Taparia The Nifty50 index opened in the positive and witnessed sustained buying interest till the end of session. It has formed a bullish candle, followed by a hammer candle on the last Friday. It continued the momentum on the first session of July by gained around 100 points. The bulls have regained their hold after the weakness of last three weeks and surpassed the previous week’s high of 9,615. Now, it has to hold above the 9,560-9,580 zone to witness a rally towards 9,650 and then 9,700 levels, while on the downside, support exists at 9,520 and then 9,480 level.

    • Top five cues from the F&O mart: Fresh Put writing to lend support

      NEW DELHI: The Nifty50 closed above its crucial support levels at 8,650 and 8,665 on Friday, which is a positive sign, but it also means that the index will come face to face with its next major resistance level at 8,700. Options activity suggests fresh Put writing at 'in-the-money options' is likely to lend support to the index when the market resumes trading on Monday.

    • F&O: Put writing data shows Nifty50 likely to stay at new high

      By Chandan Taparia The Nifty50 index opened in the positive and made a new record lifetime high of 10,171 on Monday. It surpassed the previous lifetime high of 10,138 and registered the highest daily close above 10,150. The index formed a bullish candle with a gap-away pattern, which indicates that the bulls have jumped the supply zone. Now, the index has to hold above 10,138 to extend its move towards 10,200 and then 10,270 levels, while on the downside, supports are seen at 10,050 and 10,020 levels.

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