Nifty and Banknifty spot on the hourly charts are in buy mode since 17th Feb and maintains the mode for prolong time. Currently the support zone comes close to 6703 and 12653 respectively. Index will turn to sell mode if the support breaks on the hourly charts.
Banknifty Hourly Charts
Raising India VIX
As elections are nearing the volatility in the past days keep raising constantly and Currently India VIX Index is around around 29, During last 2009 Elections it rose to over 50 by mid-April and averaged over 50 till the election results were announced on 17 May 2009. It is expected that market will be more volatile and jittery in the coming days. And the increased VIX mostly benefits the day traders and Trend followers.
Open Interest Lookup
The April Open Interest picture for Nifty options shows that 6700PE writers still not much confident enough in building higher open interest (OI less than 60 lakhs) but still the highest among the strike prices. And no visible sign of put writers stepping in at this moment.