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F&O: Nifty needs to hold 9,820 for fresh upsurge

 The major benchmark indices Nifty and Sensex closed marginally higher in Thursday’s trading session. Nifty closed at 9,857 level, up by 4 points, while Sensex closed at 31,596 level, up by 28 points.

On the daily technical charts, Nifty has formed a small-body candle, but held above the previous day’s close at 9,850 level. The index has been forming higher lows for past three consecutive trading sessions.

The index needs to hold the level of 9,820 to see any further upmove towards 9,928, followed by 9,950. On the downside, multiple supports are seen at strike levels of 9,775 and 9,750 to hold the recent pullback in the market.

On the options front in August series derivatives contracts, maximum put open interest was seen at strike level of 9,800 followed by 9,500 and 9,700 while maximum call open interest stood at 10,000, followed by 10,100 and 9,900.

Fresh put writing was seen at all strike prices from 9,500 to 9,900, while call writing was witnessed at 9,850 and 1,0000 levels. Put-call ratio (PCR) stood at 1.06, signalling bearish sentiments.

Nifty futures of August series ended at premium of 23 points. It had closed at a premium of 10 points in the previous trading session.