Yesterday session saw NIFTY sliding down below 9000 suddenly from the day high's of 9280. As inferred earlier we are back to the psychological barrier of 9000 levels for the Index, but the comforting news comes from the FIIs data which reflects on very aggressive buying in INDEX FUT and marginal buying in INDEX OPTIONS. Now VIX still being in the consolidation zones(now 49.7), we expect market to show strength towards the BULLs for the day.
OPTION data for today's weekly expiry witnessed 8900PE with aggressive fresh OI additions, followed by 8500PE with maximum OI exposure. Whereas CE writers active at 9500CE,followed by 10000CE, with 9100/9200/9500 strikes adding up fairly same number of fresh OI. Thus the data reflects that we have a trading range between 8850-9150/9250 for the session.
BANK NIFTY, continues to be the culprit yet again in showing weakness for the market. For the day ,PE writers active at 18000PE , with 20000CE posing as resistance. Thus the range for the INDEX clearly lies within 17950-19900 zones.