• Nifty (Jul) futures closed at a Premium of 10.75 points versus Premium of 7.70 points.
• Call writing was seen at 9700 strikes, put writing was seen at 9500 strike.
• Maximum positions are at 9700 CE and 9500 PE. Nifty is expected to trade in the range of 9500-9700.
• TATACHEM (28%), IBREALEST (23%), ICICIPRULI (22%), PVR (17%) and NESTLEIND (17%) were the top open interest gainers in the market.
• SRTRANSFIN (-9%), HEXAWARE (-6%), TORNTPOWER (-5%), MINDTREE (-5%) and JPASSOCIAT (-4%) were the top open interest losers in the market.
• The Nifty Put Call Ratio (PCR) finally stood at 1.25 for July month contract.
• Around 3.21 lakh shares were added in open interest with increase in price indicating long buildup was observed by market participants in today’s trade.
• On the options front volatility index has decreased in today’s trade by around 0.13%.
Derivative Idea
Biocon added around 1.6% of open interest as Long positions and 36% rise in volumes. On Daily charts, Biocon is trading above 21 and 55 DEMA which indicates upside momentum in biocon.
Current chart pattern and derivatives data suggest that we expect further rally in coming sessions.
Trading Recommendation
Buy BIOCON (July) Future above 342 Stop Loss 330 Target 360--380++
More will update soon!!
