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The Nifty, which started on a positive note on Monday, rose to an intraday high of 10,850, but fierce selling in the last hour of trade pushed it below 10,800.

The index closed near its intraday low, making a ‘Gravestone Doji’ kind of pattern on the daily chart.

A Gravestone Doji is formed when the open, low and the closing price are all at a similar level. The candle would have a long upper shadow, which would depict a fall from the intraday high, and no lower shadow.The long upper shadow indicates the selling pressure that pushed the index towards its opening level. It is considered as a bearish reversal candlestick pattern.

The Nifty, which opened at 10,781.85 rose to an intraday high of 10,850. Bulls took charge in the final hour of trade, pushing the index to an intraday low of 10,777.05. The index finally closed 19 points higher at 10,786.95.Investors are advised to stay cautious as bears might try and regain control in the coming few sessions. It is crucial for the index to hold above 10,777 on Tuesday. Experts have placed the immediate resistance for the index at 10,850.

India VIX rose 3.78 percent to 13.18. On the options front, the maximum put open interest was seen at the 10,600 strike price, followed by the 10,700 strike price.The maximum call open interest was seen at the 11,000 strike price, followed by the 10,900 strike price.

Fresh put writing was seen the most at the 10,800 and 10,700 strike prices, while fresh call writing was seen the most at the 10,900 and 11,100 strike prices.The Bank Nifty closed largely unchanged, having lost its entire gain in a fall from its intraday high of 26,653 to the 26,420 mark.

Key Nifty support and resistance levels

The Nifty closed at 10,787.0 on Monday. According to Pivot charts, its key support is placed at 10,759.17, followed by 10,731.33. If the index starts moving upward, key resistance levels to watch out are 10,832.67 and 10,878.33.

Nifty Bank

The Nifty Bank index closed at 26,453.6. The important Pivot level, which will act as a crucial support for the index, is placed at 26,366.0, followed by 26,278.4. Key resistance levels are placed at 26,597.1, followed by 26,740.6.

Call options data

In terms of open interest, the 11,000 call option has seen the most call writing so far, with 39.35 lakh contracts being written. This level could act as a crucial resistance for the index in the June series.

The second-highest buildup was seen in the 10,800 call option, which has seen 30.59 lakh contracts getting written so far. The 10,900 call option has accumulated 29.29 lakh contracts.

The most call writing was seen at the strike price of 11,100, which saw 3.04 lakh contracts getting written, followed by 11,200, which added 2.28 lakh contracts and 10,900, which added 1.78 lakh contracts.

Call unwinding was seen at the strike price of 11,000, which shed 3.32 lakh contracts, followed by 10,700, which shed 2 lakh contracts and 10,800, which shed 1.65 lakh contracts.

Last modified on Monday, 11 June 2018

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