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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 with gap down and is stuck in a range but sustaining at higher levels. The index has surpassed its 20 DEMA and is sustaining at higher levels which indicates strength. Any dip towards lower levels of 16061 can be utilized as a buying opportunity for higher levels. India VIX has slightly moved up and is at 19 zones. However it needs to cool down below 18 for stability and a directional move in the market. Now it has to hold above 16061 zone for an up move towards 16161 and 16250 whereas support is placed at 16061 and 15888. Market breadth is positive which indicates that there is buying interest in the market.

Today, we are witnessing positive move in most of the sectors including Metals, PSU Banks, Realty, Pharma and Banking whereas there is weakness seen in IT and Media space.

Bank Nifty opened gap down and is showing relative strength. However Bank nifty is stuck in a range of 200 points and consolidating. Now it has to hold above 35000 zones for an up move towards 35500 and 35750 zones whereas supports are placed at 34750 and 34500 zones.

Today, we are witnessing long built up in stocks like Nam India, UBL, Coalindia, DR reddy and M&M fin etc. while short build-up is visible in counters like TCS, Hcltech, Rain and Bharti Airtel etc.

Nifty and Bank nifty are consolidating in a range and Bank nifty is relatively showing strength. Any dip should be utilised as a buying opportunity for higher levels. At current juncture, we are advising to be with selective stocks and one can look for buying opportunity in M&M fin, Dr reddy, HDFC Bank etc.

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