Nifty futures closed positive at 15,729 levels, up 0.23%. On the front of the stock, PEL, Sun TV, HUL, Bajaj Auto NSE 2.79%, McDowell, Grasim, Cipla, Concor, Jubilant Foodworks NSE 1.19%, HDFC Bank NSE 0.93%, Marico, Dabur, HDFC Life saw trade setup bullish Gone. But MGL, HPCL, Coal India is weak in NSE -3.78%, GAIL, SAIL, ONGC, Vedanta NSE -3.67%, JSW Steel NSE -3.70%, UPL, M&M, M&M Financial, L&T Finance, PNB, and RBL Bank.
Nifty opened positive but failed to hold above 15,750 level and declined sharply to 15,450 level in the early part of the session.
However, the latter part saw some decent recovery from lower levels and Nifty closed above the 15,700 marks after covering intraday losses.
Technically, this formed a bearish candle on the daily scale, but the presence of a long lower shadow indicated that every drop was being quickly bought. Now, to see a bounce above the 15,800 and 15,900 levels, it needs to be placed above the 15,600 area, while on the downside, support can be seen at the 15,500 and 15,450 levels.
India VIX fell 3.22% to 14.79 from 15.28. The fear level reached these levels in February 2020, when it reached the higher zones. Low volatility indicates an overall bullish market bias, but a small jump in the VIX could signal the market to be somewhat volatile.
Bank Nifty opened positive but failed to hold above 34,750 area and moved towards 33,908 levels. The second half of the session saw buying at lower levels and the index closed with a marginal decline of around 50 points. It formed a bearish candle with a long lower shadow on the daily scale and continues to form lower highs and lows over the past two sessions. Now it needs to move above 34,500 zones to 35,000 and 35,250 levels while downside support is present in the 34,000–33,900 range.