F&O cues: Check why Tradebulls Securities suggests a buy on dips strategy

The index (Sensex & Nifty) remain listless as the action shifts to mid-and small-cap stocks. Volatility has cooled off substantially post the binary event (general election outcome), and hence, any uptick / pullback in India VIX could see some pessimism. Option pain for the current expiry around 11800 should act as a critical support zone, while the Highest CE OI congestion still resting at 12000 remains the immediate hurdle. 

We expect the index to consolidate within the range of 11800-12000 in the coming sessions while the outperformance could continue in mid-and small-cap indices. The broader structure remains intact for the journey