Derivatives view by Ms. Sneha Seth (Derivatives Analyst, Angel Broking):
"Trading for the day started on a strong note tad above 11950 and then the index consolidated in the early morning trade. We witnessed fresh buying interest in the midst to bring Nifty towards 12000 mark, similar to yesterday's session some profit booking took place at the higher levels to conclude the session below 12000 mark. Heavy weight counters like Reliance, ICICIBANK and TCS supported the index in today's trade.
As far as futures and options activities are concerned, fresh long formation was seen in Nifty and BankNifty. Since morning, the put writers of 11900 strike were quite active and hence acted as a demand zone today. In fact, we witnessed fresh writing in 11950 and 12000 puts. Meanwhile, 12000 call option which holds maximum open interest concentration sheds decent positions; which is certainty a sign of further strength. Considering today's development in index options, we maintain our optimistic stance on market and soon expect a rally beyond the immediate hurdle of 12000-12040. On the downside, looking at today's writing in index put, we believe 11850-11900 shall act as a strong support now."