The Indian market is likely to consolidate on Thursday, tracking mixed global cues.
The closed positively with gains of 0.57% at 24,306 levels on Wednesday. India VIX rose nearly 5% to close at 15.96 in the previous session.
On the options front, the maximum Call OI is placed at 24,300 and then towards 24,500 strikes while the maximum Put OI is placed at 24000 and then towards 24,200 strikes.
Call writing is seen at 24,300 and then towards 24,350 strikes, while Put writing is seen at 24,200 and then towards 24,300 strikes.
“Options data suggests a broader trading range in between 23,800 to 24,700 zones while an immediate range between 24,100 to 24,500 levels,” Chandan Taparia, Analyst-Derivatives at Limited, said.
“Nifty formed a small-bodied candle on the daily frame on Wednesday with longer lower shadow and has been making higher lows from the last nine trading sessions,” he said.
“Now the index has to hold above 24,250 zones for an up move towards 24,500 then 24650 levels while support can be seen at 24,200 and then 24,100 levels,” recommended Taparia.