Hi,
Happy Nifty and Bank Nifty Weekly Expiry Day..!!
BANK NIFTY
Bank Nifty opened positive but traded in a narrow range of 200 points throughout the session. It has been trading in a band of 31000 to 31500 zones from past five trading session and needs a decisive range breakout to commence the fresh leg of rally. It formed a Harami Candle on daily scale and now it has to continue to hold above 31313 to extend its gains towards 31500 then 31780 levels while on the downside supports are seen at 31150 then 31000 levels.
For the expiry day point of view, overall trend is likely to remain range bound with positive bias. Expected trading range : 31200 to 31650 zones.
§ Option traders are suggested to trade with positive to range bound bias till it holds above 31313 levels for a move towards 31500 then 31650 zones, initiate 31400- 31500 Bull Call Spread.
§ Aggressive Option writers can sell 31100 Put while 31700/31800 Call with strict double stop loss
Bank Nifty is up by 0.89% on wow basis and holding above key levels of 31313 zones. Weekly VWAP is near to 31370 zones and index is trading near to the same suggests range bound bias with intact support at lower levels.
On the weekly contract
Maximum Put OI is at 31200 PE (9.43 Lakhs Shares) and 31000 PE (8.38 Lakhs Shares)
Maximum Call OI is at 31500 CE (11.41 Lakhs Shares) and 31600 CE (8.46 Lakhs Shares)
Bank Nifty weekly contract has seen Call writing at 31600 followed by 31700 strike while Put writing is seen at 31200 then 31400 strike
NIFTY
Nifty index consolidated in a narrow trading band of 11888 to 11950 levels for the most part of the session. It formed a small bodied and long lower shadow Candle on daily scale as buying interest is seen at lower levels and supports are slightly shifting higher which indicates overall bias could remain positive to range bound. Now it has to continue to hold above 11850 zones to witness an up move towards 12000 zones while supports are shifting higher at 11820 then 11777 zones.
For the expiry day point of view, trend is consolidative with positive to range bound bias. Expected trading range : 11850 to 11980 zones.
§ Option traders can trade with positive bound bias till it holds above 11888
§ We will change out view only if it starts holding below 11888 and slips below 11850 zones
§ Option writers can sell 11800 Put and 12000 Call with strict double stop loss (However premiums are low)
Nifty is up by 1.08% on wow basis and holding above its crucial cluster of 11888 zones. Weekly VWAP is near to 11900 zones and index is slightly higher to the same suggests a positive to range bound bias.
On the weekly contract
Maximum Put OI is at 11800 PE (24.52 Lakhs Shares) and 11900 PE (19.78 Lakhs Shares)
Maximum Call OI is at 12000 CE (35.52 Lakhs Shares) and 11900 CE (19.40 Lakhs Shares)
Nifty weekly contract has seen meaningful Call writing at 12000 and 11950 strike while Put writing is seen at 11800 and 11900 strike.