India’s benchmark Nifty plunged 157 points today as it faced heavy selling pressure around 10785 approx. India Vix climbed sharply to 18.19 after news broke out about escalating border tensions in Pulwama district today. It was followed by major buying in Put options. The 10600 and 10500 Put options generated 79% and 91% returns intraday. Nifty has closed at 10655 approx, which is marginally above the previous day’s low of 10641 approx. Going forward Nifty is likely to face resistance around tomorrow’s range high. The nearest downside target for the index is around 10597 approx.
The Outlook for 19th February 2019
Nifty Daily Chart Levels
In today’s session, Nifty Future tanked 157 points intraday. The index witnessed selling pressure as Indi Vix rose to 18.19 due to fresh tensions in Jammu & Kashmir’s Pulwama district today. Major buying was witnessed in 1600 and 10500 put options as institutional traders have built short positions in the market. Going forward, Nifty is likely to face stiff resistance around tomorrow’s range high. The nearest downside target for the index is around 10597 approx. On the other hand, if the index trades above tomorrow’s range high, it will scale up to 10767 approx.
Nifty Hourly Chart Levels
In the hourly session, Spot Nifty has closed around 10641 approx. The index is likely to face resistance around tomorrow’s hourly range high. If it trades above the range high, it might scale up to 10704 approx. On the other hand, if Nifty trades below, tomorrow’s hourly range low, it might scale down to 10592 approx.
Bank Nifty Options Data