Nifty has to hold above 23,700 zones for a bounce towards 23,850, and then 24,000 zones whereas supports are seen at 23600, and then 23,500 zones

Motilal Oswal Team Mumbai

Nifty Index opened positive and witnessed spikes twice during the day but remained consolidated for the rest of the session. It formed a Doji sort of candle on daily frame and has been making multiple Dojis, which indicates indecisiveness.

Lack of follow-up buying is seen, which is making the index stuck. Now it has to hold above 23,700 zones for a bounce towards 23,850, and then 24,000 zones whereas supports are seen at 23600, and then 23,500 zones.

On the option front, Maximum Call OI is at 24,000, an then 25,000 strike while Maximum Put OI is at 23,800, and then 23,000 strike. Call writing is seen at 23,800, and then 24,000 strike while Put writing is seen at 23,800, then 23,000 strike.

Option data suggests a broader trading range in between 23,200 to 24,200 zones while an immediate range is seen between 23,500 to 239,00 levels.

S&P BSE Sensex Index opened on a positive note and moved higher but faced resistance at 78,900 levels. 

It traded within a range with some volatile moves and ended the session flat. It formed a doji candle on a daily time frame indicating sideways move. 

Now till it holds above 78,200 zones, strength could be seen towards 78,750, and then 78,900 zones whereas supports are placed at 78200, and then at 78,000 zones.

Bank Nifty Index opened on a positive note and extended the momentum towards 51,750 zones in the initial tick of the session. 

However, it failed to hold at higher levels and drifted lower towards 50,950 zones in the latter part of the day. 

It formed a small bearish candle on daily scale as momentum is missing at higher levels. 

The index got stuck in between its 50 DEMA and 200 DEMA and stock specific action is seen. 

Now till it holds below 51,500 zones, some weakness could be seen towards 50,750 level, and then 50500 levels while on the upside, hurdles are seen at 51,500 and then 51,750 zones.

The Nifty future closed negative with losses of 0.09 per cent at 23,748 levels. Positive setup was seen in Indigo, IRB Infra, M&M, Oberoi Realty, IEX, Hindpetro, Dr Reddy and Apollo Tyres while weakness was witnessed in Hind Copper, Bandhan Bank, PVR Inox, SBI Card, AU Bank, SAIL, Birla soft, GNFC, Deepak Nitrite and IDFC First Bank.

The January futures contract of the Nifty 50 closed at a premium of 173.75 points to the spot index. Open interest in the contract rose 45% to 11.34 million, according to provisional data.

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