The markets will inherit overnight trade setup as it steps into Thursday’s trade. The levels of 14200 and 14245 will act as resistance points. The supports come in at 14060 and 14000 levels.
The strike of 14200 saw a massive 2.3 million quantity of the call writing during the day. This makes this level a point where a maximum Call OI stands at a total of over 5 Million. Unless there is a tactical shift, this level will act as a resistance in the next session. The coming session will stay influenced with the weekly options expiry. The maximum Call OI stands at 14000 levels. The volatility continued to increase as the INDIAVIX surged higher by another 2.61% to 20.9950.
All and all, the analysis for the coming session will continue to remain on the similar lines. The undercurrent remains buoyant but given the overextend texture of the markets, some more ranged consolidation cannot be ruled out.