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Published on 10/06/2021 11:54:59 AM | Source: Motilal Oswal Financial Services Ltd

Nifty index opened positive and after making yet another record high of 15800 By Motilal Oswal

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BANKNIFTY : 34800

Bank Nifty opened positive but cascaded down to 34641 levels. Banking stocks gained some strength initially but weakness pulled the index to close with losses of around 285 points. It formed a Bearish candle on daily scale with long upper shadow and continues its formation of lower highs from the last three sessions. Now it has to hold above 34750 zones to witness an up move towards 35250 and 35500 zones while on the downside support exists at 34500 and 34000 levels.

Expiry day point of view:

Overall trend is likely to remain volatile and need to holds above 34750 zones for an up move towards 35250/35500 zones while on the downside support exists at 34500 then 34000 levels. Option traders are suggested to trade with nearby Call like 34900, 35000 strikes or Bull Call Ladder spread

Key Data

Trading Range: Expected immediate trading range : 34250/34500 to 35250/35500 zones

Option Writing : Option writers are suggested to write OTM 35500/35600 Call and 34200/ 34300 Put with strict stop loss

Weekly Change : Bank Nifty is down by 1.39% at 34800 on weekly basis. Bank Nifty VWAP of the week is near to 35250 levels and it is trading 450 points below to the same indicates range bound to bearish bias.

Option Weekly Activity

 

NIFTY : 15635 Key Data

Nifty index opened positive and after making yet another record high of 15800, it witnessed a sharp profit booking decline towards 15566 levels. Despite touching its new high levels, bears took over the market and index settled the day with losses of around 100 points. It formed a strong Bearish candle on daily scale as it engulfed the price recovery of last four sessions and negated its formation of higher lows of the last four trading sessions. Now, it has to cross and hold above 15600 zones to witness an up move towards 15750 and fresh life time high of 15800 zones while on the downside support exists at 15550 and 15400 zones.

Expiry day point of view: Overall trend is volatile and need to holds above 15600 zones to witness an up move towards fresh life time high of 15750- 15800 zones while on the downside support is seen at 15550 then 15431 zones. Buy nearby 15600 and 15650 Call or Bull Call Ladder Spread.

Key Data

Trading Range : Expected wider trading range : 15450/15500 to 15750/15800 zones

Option Writing : Aggressive Option writers can sell 15800 Call and 15500 Put with strict double stop loss

Weekly Change : Nifty index is down by 0.22% at 15635 on a weekly basis. Nifty VWAP of the week is near to 15750 levels and it is trading 100 below to the same indicates overall range bound bias with buying on declines.

Option Weekly Activity

 


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