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

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.

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.

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.

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.

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.

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.

NEW DELHI: The Nifty50, which surpassed its crucial psychological level of 7,900 earlier this week, lost some momentum in Wednesday's trade, but strike prices 7,800 and 7,900 will provide adequate support to the indices in case it starts drifting southward, options data showed. Fresh Put writing was seen at strike prices 7,700 (8.8 lakh contracts added), 7,800 (25.61 lakh contracts added) and 7,900 (13.16 lakh contracts added), which will provide the much-needed support in case Nifty50 starts correcting, options data collated on Monday showed.

NEW DELHI: The Nifty50 closed above its crucial psychological level of 8,650 on Tuesday, which forced many traders to cover their short positions. There was hardly any Call writing, but Put writing was seen at strike prices 8,600 and 8,700. Put option activity: Marginal Put writing was seen at strike price 8,400 (3.1 lakh contracts added), followed by 8,500 (0.7 lakh contracts added), 8,600 (12.54 lakh contracts added) and 8,700 (4.2 lakh contracts added). Put unwinding or closing of existing positions was seen at strike price 8,300 (7.8 lakh contracts shed).