Fresh Call writing was seen at strike price 8600 while unwinding was seen at strike prices 8,500, 8,400, 8,300 and 8,200 which suggests a positive bias.
“Renegotiation of tax treaties with Mauritius, Singapore and Cyprus would raise taxes from April 2017 for investors using those routes,” CLSA said in a note.
The Nifty50 was trading at 8,436 up 23 points or 0.28 per cent. It touched a high of 8,436.75 and a low of 8,414.35 in the first 30 minutes of trade.
The refining business has delivered eight consecutive quarters of double-digit GRMs, benefitting from the global demand for fuels and improved product cracks.
Analysts polled by ETNow said that maintenance shutdowns and sluggishness in petchem business may lead to RIL posting a soft quarter on a sequential basis.
Traders expect buying to emerge at lower levels. In the case of a dip, the 8,320 – 8,250 range would be seen as strong support for the Nifty50.
Cairn India, PNB and Vedanta rose up to 164% since their exclusion from Nifty, while Eicher Motors, Tata Motors DVR rose up to 18% ever since their inclusion.
The India Volatility Index (VIX), a gauge for market's short-term expectation of volatility decreased by 1.57 per cent and reached 14.38.
The maximum Call open interest of 50.68 lakh contracts stood at strike price 8,400, which will act as a key resistance for the index in the January series.
The Nifty50 came under pressure and was trading below its crucial psychological level of 8,400 weighed down by losses in IT, power, capital goods, and banking stocks.
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