Yesterday's movement showed that we are still intact for positive momentum,as we had rebounded from 8900 zones and closed very strong( above 9150 zones). With VIX again back to 42 levels, FIIs again are back to the game with aggressive buying in INDEX FUT and STOCK FUT, with selling of INDEX OPTIONS.
Today's expiry, PE writers have again created base at 9000PE( adding more than 8.5 lakh shares OI), followed by 8900PE,8800PE and 8700PE respectively. 9100PE has been the second most active strike, adding more than 6.5 lakh shares OI fresh. On the other hand CE writers witnessed OI unwinding at almost all immediate strikes, which clearly depicts that we will see a bullish movement for the session. Monthly expiry also witnessed 9000PE standing tall with Max OI exposure and 10000CE and 9500CE having highest OI concentration respectively.
BANK NIFTY levels for the expiry today stays the same with 19000PE having highest OI concentration, which will act as a support, with CE writers standing at 21000CE, followed by 20000CE and 20500CE respectively. Thus the immediate trading range is between 19000-20000 zones, with upside may test upto 21000 zones.