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Below are Views On Nifty index failed to continue its bullish momentum of the last series By  Mr. Chandan Taparia, Derivative & Technical Analyst, Motilal Oswal Financial Services

Nifty index failed to continue its bullish momentum of the last series and settled the March series with the loss of 5.12% at 14324 levels. During the series, it made high of 15336 levels but sustained supply pressure was seen near to 15300 zones which has taken index below 14350 zones. It witnessed its weakness in last three weeks of this series and corrected by around 1000 points from higher levels. Now, till it remains below 14550 zones, weakness could be seen towards 14200 and 14000 zones while on the upside hurdles are seen at 14675 and 14800 zones. Nifty

Bank Nifty also remained under pressure in this series and settled the series with the loss of 9.69% at 330006 levels. It has been making lower top - lower bottom from last ten trading sessions and corrected by around 4000 points from 36500 to 32500 zones. Now till it remains below 33500 zones, weakness could continue towards 32500 and 32000 zones while on the upside hurdles are seen at 33500 and 34000 zones.

Bank Nifty has seen provisional rollover of around 85% which is higher than its last 3 series averages. Higher rolls with negative market move indicates that shorts are being carried to next series.

India VIX closed the series on flattish note as expiry to expiry basis volatility is marginal down by 0.84% at 22.69. India VIX made a high of 29.64 marks in this series but witnessed cool off from higher zones. Volatility is not giving any clues as even after the decline of 1000 points, VIX is flattish in such market.

On option front, Maximum Put OI is at 14000 followed by 13500 strike while maximum Call OI is at 15000 followed by 16000 strike. Option data suggests an immediate trading range in between 14000 to 14800 zones.

Sector wise Nifty FMCG closed on flattish note while profit booking was seen in Auto, PSU Banks, Energy, Metal, Pharma and Financial sectors.”

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