Technical View: Nifty forms small-bodied candle, inching towards life-time high

The Nifty closed near 15,200 amid buying in the financial and energy names and formed a small-bodied candle on the daily scale while forming higher high-higher lows from the last two sessions.

"Now, the Nifty has to hold above 15,150 zones to witness an up move towards 15300 then the life-time high of 15431 marks, while on the downside, support exists at 15,000 and 14,900 zones," said Chandan Taparia of Motilal Oswal Financial Services.

India VIX marginally moved up by 0.26 percent from 19.08 to 19.13 levels.

On the options front, maximum Put OI (open interest) is at 15,000 followed by 14,500 strike, while maximum Call OI is at 15,500 followed by 15,300 strike.

Call writing is seen at 15,300 and 15,400 strike, while Put writing is seen at 15,200 then 15,000 strike. Options data suggests a trading range between 14,900 and 15,400.

The Bank Nifty opened positive but traded in a consolidative manner with the emergence of buying interest on declines. It touched 35,200 zones during the day and ended around 337 points higher at 34, 944.

"It formed a Doji sort of candle on the daily scale but is forming higher highs- higher lows from the last two sessions. Now it has to hold above 34,750 zones to witness an up move towards 35,250 and 35,500 zones, while on the downside, support exists at 34,500 and 34,250 levels," said Chandan Taparia.

On the stock front, a bullish setup was seen in Concor, IOC, PNB, Pidilite Industries, Exide Industries, HPCL, IDFC First Bank, BPCL, Berger Paint, L&T, ICICI Prudential, UPL, Bata India and Axis Bank. Weakness in Amara Raja Batteries, Tata Steel, Titan, Indus Tower, Havells and HUL.