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Closing hour buying pushed indices higher; Nifty Bank Fut closed above its 200 DMA

Markets continued to witness a positive upward momentum as sharp short covering and fresh long build-up activity weighed in. ICICI Bank was among the top gainers contributing almost half of the index gains. Nifty PSU Bank index closed ~1.65% higher, as RBI allowed banks to spread MTM losses from the change in bond yield to 4 quarters.

Tracking the technicals, Nifty future activated bullish Head & Shoulder chart pattern on the hourly chart, indicating a short-term upward bias for the index. Market breadth ended in favour of declines with advance-decline ratio closed at 3:1x.

Tracking the Nifty Index Options, across the board short selling was witnessed in major out of the money put options strikes, with Nifty 10000PE adding ~4.7 lakh shares in open positions, hinting 10000 level as the new floor rate for the index during the April series. At the money and Out of the money call, option strikes saw the marginal build-up of the long position. India Vix index ended the session 1% lower at 15.2.