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 towards 12,460 eventually, as most of the technical parameters are yet to witness an overbought state. Hence, a 'buy on declines' strategy remains apt from here on, with the base now shifting from 11,000 to 11,500 now.
Stock: FINOLEX CABLES
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