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Below is Comment on Most Mid Market update By Mr. Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial Services Ltd

Nifty opened gap down on account of weak global cues but took support near 17150 zones and has been moving in a consolidative manner. It is moving with less momentum but support based buying can be seen. India VIX spiked above 21 zones which is giving some discomfort to the bulls. Now till the index holds 17300 and holds momentum, it can move to 17442 and 17550 zones whereas on the lower side the supports can be placed at 17250 and 17150. Market breadth is favouring the declining counters which indicates some sort of pause at higher zones.

Today, apart from FMCG space, we are witnessing negative move in all other sectors out of which most weakness can be seen in IT, Bank, Metal, Media and Realty space.

Bank Nifty opened gap down but took support at 37950 zones and is moving in a narrow range. Now it has to hold 38250, for an up move towards 38500 and 38750 zones whereas support can be seen at 38000 and 37750

Today, we are witnessing long built up in stocks like Escorts, Colpal, MFSL, Coromandel, BEL, Tataconsum etc. while short build-up is visible in counters Naukri, CUB, Kotakbank, RECLtd, Coforge, TechM, LTTS, PFC, Cumminsind, L&TFH etc.

Nifty and Bank Nifty is expected to trade in a narrow range. At current juncture, we are advising to be with selective stocks and one can look for buying opportunity in Titan, HAL, BEL and BHEL.

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