Market Outlook: Markets Stay Range-Bound, Nifty Needs To Hold 26100 For Rise

Nifty index opened positive and inched towards 26200 zones but failed to hold momentum and moved in a narrow range of around 80 points for the rest of the day. The index moved in a rather lackluster manner with subdued moves on either sides. It formed a small bodied candle on the daily frame and has started to make higher highs – higher lows from the last two sessions. Now it has to hold above 26100 zones for an up move towards 26250 and 26325 zones while supports can be seen at 26050 then 25950 zones.

On option front, Maximum Call OI is at 26200 then 26300 strike while Maximum Put OI is at 26000 then 26100 strike. Call writing is seen at 26200 then 26250 strike while Put writing is seen at 26150 then 26100 strike. Option data suggests a broader trading range in between 25700 to 26500 zones while an immediate range between 26000 to 26300 levels.

S&P BSE Sensex index opened on a positive note but was unable to sustain the momentum and resulted in a range bound price action. Despite this the broader trend remained constructive as the index continued to hold above its crucial support zone near the 85000 level. On the daily chart a small bodied candle with wicks on both sides was formed suggesting buying interest at lower levels while upside gains remained restricted. Now it has to hold above 85000 zones for an up move towards 85500 then 85700 zones while on the downside supports are seen at 84800 then 84600 levels.

Bank Nifty index opened on a positive note near 59700 zones but remained consolidative in narrow range of 200 points in between 59550 to 59750 zones for most part of the session. It formed an Inside bar on daily scale as buying is visible at lower zones and it is holding well above its 20 DEMA. Now it has to hold above 59500 zones for an up move towards 60000 then 60114 marks while on the downside support is seen at 59500 then 59250 levels.

Nifty future closed negative with losses of 0.02% at 26291 levels. Positive setup seen in PNB Housing, JSW Energy, APL Apollo, Ashok Leyland, Shriram Finance, TVS Motor, M&M, AB Capital, SAIL and LT while weakness in Kaynes, Bajaj Finance, Bandhan Bank , Mazdock, IEX, Delhivery, INOX Wind, Cipla, Jubilant Foodworks and Max Healthcare.

 Technical call of the day :

 Buy LT CMP 4140 SL 4000 TGT 4400  

Stock is in an overall uptrend and is respecting its 20 DEMA support zones with slight dips being bought into. The MACD line has given a bullish crossover to confirm the positive momentum.

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