Indian market is expected to consolidate on Wednesday tracking muted global cues.
The S&P BSE Sensex fell nearly 70 points while the Nifty50 managed to hold on to 19700 levels on Tuesday.
India VIX was down by 1.22% from 10.41 to 10.25 levels in the previous trading session. Volatility sank during the day and has been overall hovering near its lower band.
On the weekly front, the maximum Call OI is placed at 19800 and then towards 20000 strikes while the maximum Put OI is placed at 19600 and then towards 19700 strikes.
Call writing is seen at 19800 and then towards 19900 strikes while Put writing is seen at 19700 and then towards 19500 strikes.
‘Options data suggests a broader trading range in between 19300 to 20200 zones while an immediate trading range in between 19500 to 19900 zones,’ Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
‘Nifty formed a Bearish candle on a daily frame on Tuesday but has been forming higher highs – higher lows from the last two sessions,’ he said.
‘Now the index has to hold above 19700 zones to extend the move towards 19867 then 19991 zones while on the downside support is placed at 19650 and 19560 zones,’ recommends Taparia.
