Last session saw INDICES consolidating and playing within the range well as mentioned in the ROLLOVER analysis. Daily indicators have stay stable again: PCR_OI at 1.28(Vs 1.28), RSI at 67(Vs 65), and VIX sliding to below 20 zones again. FIIs turned heavy buyers in CASH and INDEX FUT, with aggressive selling seen in INDEX OPTIONS, which means individual stocks to underperform and INDEX play to be witnessed for the session.
NIFTY options data for the weekly expiry, witnesses PE writers active at 12900/13000 strikes (each with more than 8 lakh shares OI added fresh). CE writers also aggressively adding up positions at immediate strikes @13000/13100 (each with more than 12 lakh shares OI fresh). PCR_OI at 12900 is nearly 1.5 and 13000 strike is 0.67, which will be the factor to watch today as a continuous rise in 13000 PCR will give the hint on the BULLISH session, otherwise 12850 can be tested.
BANKNIFTY options data for the weekly expiry witnesses PE writers being active at 28500/29000 strikes ,with CE side Max OI exposure stands @30000/30500 strikes. Thus the data reflects on the broad trading band for the INDICES between 28500-30500 likely. #NIFTY50 #NIFTYBANK