01/07/2024
*Pre-Market Derivatives and Technical Set-up*
🔎 *Nifty*
Index opened positive and after touching a fresh high of 24174, it witnessed some profit booking but held on to its support zones. It has been consistently trending higher from the start of the week and gave the highest ever weekly close. It formed a small bodied Bearish candle on daily frame but a Bullish candle on weekly frame with higher highs formation from the last six weeks
📊Now it has to hold above 24000 zones to extend the move towards 24200 and 24400 zones whereas supports are placed at 23800 then 23700 zones
🎢 India VIX was down by 2.47% from 14.15 to 13.80 levels. Comparatively lower volatility is comforting the bulls to drive the index at higher zones
🧮 On option front, Maximum Call OI is at 24200 then 24000 strike while Maximum Put OI is at 24000 then 23800 strike. Call writing is seen at 24200 then 24100 strike while Put writing is seen at 24100 then 23900 strike. Option data suggests a broader trading range in between 23500 to 24500 zones while an immediate range between 23700 to 24000 levels
🔎 *Bank Nifty*
Index opened on a flattish note and remained consolidative in a narrow range of 250 points in the first half of the session. However some profit booking was seen from higher zones and drifted lower towards 52250 levels in the latter part of the day. It formed a small Bearish candle on daily scale and negated the formation of higher lows after four sessions. On weekly scale it formed a Bullish candle as bigger trend is still strong with buy on dips stance
📊Now it has to continue to hold above 52250 zones for an up move towards 52750 then 53180 zones while on the downside support is placed at 52000 then 51750 levels
🔎 *Fin Nifty*
Index opened on a flattish note and witnessed some profit booking from higher levels. It has formed a Bearish candle on the daily scale and negated its higher lows formation of the last three trading session. On the weekly scale it has formed a Bullish candle and posted gains of around 2% in the week
📊Now it has to continue hold above 23200 zones for momentum to continue towards 23763 then 23850 zones while on the downside support is seen at 23200 then 23000 zones
*Stocks*
🚀 Bullish setup in Persistent, Bata India, MGL, Apollo Tyre, IGL, Petronet, Indus Tower, Godrejprop, Trent, Reliance, Drreddy, Dixon, Heromotoco, SBI Life, Divislab, BEL, Grasim, Hindalco, NTPC, Lichsgfin, Gail and Wipro
🐻 Bearish setup in Poly Cab, Havells, Voltas, Eicher Motor, Maruti and UBL
*Technical & Derivatives Research, Motilal Oswal*
_*Disclaimer* - Investments in securities markets are subject to market risks. Please read all related documents carefully. To read complete disclaimer click on
