Nifty Outlook by Epic Research

Nifty forms a Spinning candle on the daily chart after two volatile sessions; which shows outright confusion just ahead of the Judgement day. Stocks like Reliance, Tata Steel, HDFC, Infosys remained muted ahead of elections day. While there was muted movement across the sectors and indices except for the Volatility index.

The volatility index saw a huge movement in the last two days. It has risen significantly in the last two days by almost 16%. Technically we are seeing compression in a range which is usual as there is a result coming in and no one would be taking a naked bet at this point of time.

As per derivatives data, Weekly options tomorrow are showing a broader range of 12000 – 11500 while the Monthly options are showing the broader range for the market to be 11000 – 12000. June series is pointing to a higher addition on PE side on lower strikes of 11500 – 11000 – 10500. We may see higher volatility in the coming day with this being the overall range. We suggest investors to not have naked positions and if not avoid having intraday positions.

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Posted in: Indian Market Tips