Long buildups were seen in TorrentPharma,Colgate,KazariaCeramics and ICICI Prudential.
In Thursday’s session, the Nifty 50 put negative and sustained selling pressure. It formed a beerish candle on a daily scale andboosted the weakness by 10, 670 points, as sold in every bounce. It has been building low levels forthe last four seasons and has failed to support it at the level of 10,750.
Now, if it is below the level of 10,800, then it can increase its weakness towards its recent swing of 10,637 lower levels and then 10,550- 10,500 zones In contrast, a barrier can be seen in the 10,850- 10,800 zones.
On the optionfront, the maximum putt Open Interest was 10,800 after 10,600, while the maximum call Open interest was at 11,000 and then at level 11,200. Callwriting occurred at level10,800 andput writing after 10,700 levels were observed atlevels 10,700 and 10,500. Option datasuggested changes in the trading range between 10,550 and 10,900 levels.
India VIX rose 1.30 per cent to 15.55.
The Bank Nifty continued its low formation for the fourth consecutive session and rose to26,650 points. It formed a bearish candle on a daily scale as the pressure sold throughout the session. The resistance is gradually decreasing and as long as itis below 27,100, weakness can be observed at 26,560 and then 26,250 , while the upward barrier 27, 250 and then 27,can be seen at the levelof 500.
Nifty futures closed at10,709 with a decline of 1.35percent. Long buildups wereseen in TorrentPharma, Colgate-Palmivivanse 0.81%, Kazaria Ceramics0 0.14% and ICICI Prudential, while shorts canara bankENSE -3.11%, Evites, Seen in cell and zero.