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F&O: Bulls & bears fighting hard to make or break the 9,900 level

The Nifty50 index opened in the positive but failed to cross its lifetime high of 9,928 and witnessed a decline towards 9,863 on Thursday. The index formed a bearish candle, similar to a Bearish Belt Hold pattern, on the daily chart and almost nullified and engulfed the previous day’s bullish candle.

It seems both the bulls and the bears are fighting hard to make or break the 9,900 level for a decisive move. Now, it has to cross and hold above the 9,900 level to witness an upward move towards 9,928 and then 10,000, while on the downside, supports are seen at 9,850 and then 9,820 levels.

The index has been struggling to hold above the 9,900 level for last six sessions while buying interest emerged only on declines. The bulls are not ready to lose their grip, but followup buying is missing at higher levels to take the Nifty50 past its recent lifetime high of 9,928.

On the options front, maximum Put open interest was seen at strike price 9,800, followed by 9,700, while maximum Call OI stood at strike price 10,000 followed by 9,900. Fresh Call writing was seen at all strike prices from 9,900 to 10,100, while marginal Put unwinding was seen at strike prices 10,000, 9,900 and 9,850. The Put-Call ratio again fell, because of Call writing at higher strike prices, which indicated that the upside is getting restricted for this series but maximum Put OI at strike price 9,800 could provide support on declines. The option band signified the trading band between 9,800 and 10,000 levels for the next few sessions.

India VIX moved up marginally by 0.49 per cent to 11.31. The overall lower volatility is supporting the major bullish undertone of the market.
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The Bank Nifty continued its upward move and made a new lifetime high of 24,300. It registered the highest daily close, but witnessed a 100-point decline from its intraday high levels. It has been making higher highs and higher lows for last five consecutive sessions and it now has to continue to hold above 24,100 to extend the rally towards 24,500 level. On the downside, supports are seen at 24,000 and then 23,750 level.

Long buildup was seen on the counters of Axis BankBSE 3.87 %, Engineers IndiaBSE 4.87 %, L&T Finance, OIL, Siemens, Federal BankBSE 3.08 %, HDFC BankBSE 0.92 %, Cummins and ONGCBSE 1.75 %, while shorts creation was seen on the counters of Canara BankBSE -5.09 %, UBL, SAILBSE -1.18 %, CEATBSE -1.28 %, MindtreeBSE -4.45 %, Hero MotoCorp and InfosysBSE -1.11 %, among others.