Yesterday's session saw the final metldown after facing continous heat on the upside for both the INDICES. Daily indicators looking bleak as well: PCR_OI at 0.99,RSI at 48, with VIX increasing dramatically nearly 15%, now above 25 zones. FIIs were sellers in CASH and aggressive buyers in INDEX OPTIONS, with substantial buying seen in INDEX FUT as well, which hints on a support likely to be found at the bottom and session to be rangebound.
NIFTY options data for the series expiry, witnessed PE OI unwinding at almost all immediate strikes, with CE writers also adding positions aggressively at immediate strikes. PCR_OI at 14700 is above 1, which will be the deciding factor for the direction going ahead in the session.
BANKNIFTY options data for the monthly expiry witnesses PE OI unwinding at all. Immediate strikes, with 35500CE and 35000PE being the most active strikes.Thus the data hints on a very tight range between 35000 to 35500 for the session.