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BANKNIFTY : 36944

Bank Nifty opened positive but failed to surpass previous day's high and remained weak for the entire day. It continues forming lower highs from the last three sessions and formed a Bearish candle on daily scale. Now it has to continue cross and hold above 37000 to witness a bounce towards 37350 and 37800 levels while on the downside major support is seen at 36500 levels.

Expiry day point of view:

Overall trend is likely to remain consolidative in broader range and need to holds above 37000 zones for a bounce towards 37350 zones while on downside major support exists at 36500 levels. Option traders are suggested to trade with nearby Call like 36900, 37000 strikes or Bull Call spread Ladder.

Trading Range: Expected immediate trading range : 36500 to 37500 zones (Wider range due to higher IVs)

Option Writing : Option writers are suggested to write OTM 37800/37900 Call and 36100/ 36200 Put with strict stop loss

Weekly Change : Bank Nifty is down by 2.29% at 36944 on weekly basis. Bank Nifty VWAP of the week is near to 37250 levels and it is trading 300 points below to the same indicates overall range bound bias.

Key Data

Option Weekly Activity

NIFTY : 17546

Nifty index opened positive and surpassed its previous day's high but comparatively moved in a narrow range. It remained consolidative for most part of the day and saw slight weakness in the concluding hour. It formed a small bodied Bearish candle on daily scale and closed flattish but was hovering near to the highs of previous session. Now it has to continue to hold above 17500 zones, for an up move towards 17650 and 17777 zones whereas support is placed at 17350 zones.

Expiry day point of view: Overall trend is positive and needs to hold above 17500 zones for an up move towards 17650 then 17700 zones while on the downside major support is seen at 17350 zones. Buy nearby 17500, 17550 Call for a move towards 17650 zones

Trading Range : Expected wider trading range : 17450 to 17650/17700 zones

Option Writing : Aggressive Option writers can sell 17700 Call and 17300 Put with strict double stop loss

Weekly Change : Nifty index is marginally down by 0.22% at 17546 on a weekly basis. Nifty VWAP of the week is near to 17525 levels and it is trading near to the same indicates range bound bias with buying on decline.

Key Data

Option Weekly Activity

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