By Chandan TapariaThe Nifty50 index opened positive but witnessed selling pressure in the last hour of trade and managed to settle above the 10,500 mark.

It formed an indecisive candle on the daily scale, as followup was missing on either side.

Nifty has been consolidating between 10,450 and 10,600 levels for last three sessions. Now, the 50-pack has to hold above 10,450 to extend its upward move towards the 10,650 -10,750 zone, while on the downside multiple supports are seen at 10,450 and then 10,380 levels. On the options front, maximum Put open interest was at 10,000 followed by 10,200, while maximum Call OI was at 10,700 followed by 11,000.

There was Put writing at strike price 10,200 followed by 10,600, while Call writing was seen at 10,700 followed by 10,600 levels.

The Option band signified an immediate range from 10,450 to 10,650. India VIX fell 5.01 per cent to 18.50 levels.

However, as long as it does not hold below 16-16.50 zone, the upside will remain capped. Bank Nifty failed to surpass the crucial 200 DEMA and slipped towards the 25,600 mark.

It formed a bearish candle on the daily scale, but respected its crucial support at 25,500 level. Now, it has to surpass and hold above 25,850 to extend its upward move towards 26,250 level, while a hold below the same level could drag it towards the 25,400 level. Nifty futures closed in the negative at 10,548 with a marginal loss of 0.03 per cent.

Long buildup was seen in Glenmark Pharma, Cummins, Torrent Pharma and Bata India while shorts were seen in Kotak Mahindra Bank, Amara Raja Batteries and KPIT. (Chandan Taparia is Technical Derivative Analyst at MOFSL.

Investors are advised to consult financial advisers before taking an investment calls based on these observations)