The Indian equity market indices opened higher amid positive global cues. All the sectoral indices are trading in the green, with the realty index up 4 percent, while auto and PSU Bank are up 1 percent each.
At 11:13 am, the Sensex was up 371.44 points or 0.57 percent at 65,883.83, and the Nifty was up 110.00 points or 0.56 percent at 19,622.30. About 2,319 shares advanced, 684 shares declined, and 100 shares remained unchanged.
The options data reveals significant put writing at the 19,550 strike, forming a crucial support for the day. Put writing at the 19,600 strike is almost three times the call writing at that strike.
According to Prabhudas Lilladher, "The index is hovering near the important support zone of 19,500 levels, and further downside has the crucial support of 19,200 below which the trend would weaken. The support for the day is seen at 19,550 levels, while the resistance is seen at 19,750 levels."
As per Anand James, Chief Market Strategist at Geojit Financial Services, "Nifty appears primed for a run up to 19,900. However, we have stalled exactly at the upper boundary of a declining and broadening wedge, which calls for some caution. We hope that the cushion provided by the 20-day and 10-day SMAs in the 19,600-570 range will be enough to keep nerves steady in the event of a pullback. Upside hopes will significantly dwindle should we close below the same. While a push above 19,670 should clear the path for 19,900, it may be premature to look for 20,600 right away, as we see vulnerability setting in again on completion of the 61.8 percent retracement of the Sep-Oct downtrend."
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Among individual stocks, Godrej Properties, Escorts, and Oberoi Realty saw a bullish buildup, while short covering is seen in City Union Bank Ltd and Adani Ports.
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