Benchmark indices bounce back

Nifty index opened on a positive note and moved upwards beyond 25650 zones. It witnessed some consolidation in the second half of the session but support levels were intact. Throughout the session it maintained the upside trajectory with advances outpacing declines.

- Motilal Oswal Team

It formed a bullish candle on the daily frame and negated its lower highs — lower lows formation of the last six sessions. Now it has to hold above 25500 zones for momentum to continue towards 25650 then 25800 zones while supports can be seen at 25450 then 25300 zones.

On option front, Maximum Call OI is at 25700 then 25600 strike while Maximum Put OI is at 25600 then 25500 strike. Call writing is seen at 25650 then 25700 strike while Put writing is seen at 25600 then 25500 strike. Option data suggests a broader trading range in between 25100 to 26000 zones while an immediate range between 25400 to 25800 levels.