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Published on 28/10/2021 11:47:15 AM | Source: Motilal Oswal Financial Services Ltd

Expiry Express - Bank Nifty opened flattish and moved in a weak way throughout the day By Motilal Oswal

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BANKNIFTY : 40874

Bank Nifty opened flattish and moved in a weak way throughout the day and drifted by more than 400 points in the last hour. It breached its previous day's low levels and closed with losses of more than 360 points. It formed a Bearish candle on daily frame and negated its higher lows formation of the last five sessions. Now it has to cross and hold above 40800 zones to witness an up move towards 41300 and 41500 levels while on the downside support can be seen at 40500 and 40250 levels.

Expiry day point of view:

Overall trend is likely to remain volatile and need to hold above 40800 zones for an up move towards 41300 then 41500 zones while on the downside support exists at 40500 then 40250 levels. Option traders are suggested to trade with nearby Call like 40800, 40900 strikes or Bull Call Ladder spread

Trading Range: Expected immediate trading range : 40250/40500 to 41300/41500 zones

Option Writing : Option writers are suggested to write OTM 41500/41600 Call and 40100/ 40000 Put with strict stop loss

Weekly & Monthly Change : Bank Nifty is up by 9.22% in this series at 40874 on expiry to expiry basis as Sep 2021 series settled at 37425. Bank Nifty is trading around 1775 points higher from its Series VWAP of 39100 but 330 points lower from its Weekly VWAP of 41200 levels, data setup suggests that dips could be bought but hurdles are intact.

Key Data

Option Weekly Activity

 

NIFTY : 18210

Nifty index opened positive and while it remained range bound for most part of the day, the concluding hour witnessed selling pressure. It respected its previous day's low levels but bulls are feeble and lack of follow up buying is limiting the upside. It formed a Bearish candle on daily scale but is forming higher lows from the last two sessions. Now it has to hold above 18150 zones to witness an up move towards 18350 and 18450 zones while on the downside support exists at 18100 and 18000 marks.

Expiry day point of view: Overall trend is volatile and need to hold above 18150 zones to witness an up move towards 18350 zones while on the downside support is seen at 18100 then 18000 levels . Buy nearby 18150 Call or Bull Call Ladder Spread.

Trading Range : Expected wider trading range : 18050/18100 to 18350 zones

Option Writing : Aggressive Option writers can sell 18400 Call and 18000 Put with strict double stop loss

Weekly & Monthly Change : Nifty index is up by 3.36% in this series at 18210 on expiry to expiry basis as Sep series settled at 17618. Nifty is trading around 100 points higher from its series VWAP of 18100 while it is marginally down from its weekly VWAP of 18230 levels which suggests overall bullish bias with buying on declines.

Key Data

 

Option Weekly Activity

 

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