IGI Logo

BANKNIFTY : 35045

Bank Nifty opened flattish and headed towards 35378 marks. However, it failed to hold at higher zones and drifted towards 34900 levels in the last hour of the session. It formed a small bodied Bearish candle on daily scale with long upper shadow and closed with losses of around 140 points. Now it has to hold above 35000 zones for it to move up towards 35250 and 35500 zones whereas support can be seen at 34750 and 34500 zones.

Expiry day point of view:

Overall trend is likely to remain consolidative and need to hold above 35000 zones for an up move towards 35250 then 35500 zones. Now it need to hold above 35000 zones for a move towards 35250 then 35500 while on the downside support is seen at 34750 then 34500 zones. Option traders are suggested to trade with nearby 35100 and 35200 Call and Bull Call Ladder Spread due to limited upside.

Trading Range: Expected trading range : 34750 to 35250/35350 zones

Option Writing : Aggressive Option writers can sell 35700/35800 Call and sell 34300/ 34400 Put in pair with strict double the SL

Weekly & Monthly Change : Bank Nifty is down 6.21% in this series at 35045 on expiry to expiry basis as November 2020 series settled at 37364. Bank Nifty is trading 1100 points lower from its Series VWAP of 36150 and 90 points lower from its Weekly VWAP of 35130 levels which suggests overall limited upside.

Key Data

Option Weekly Activity

NIFTY : 17213 

Nifty index opened flattish and consolidated in a range throughout the day. It respected its previous day's lows but could not hold above 17250 zones and closed near its opening levels. It formed a Doji sort of candle on daily scale and has been forming higher highs - higher lows from the last two sessions. Now it has to hold above 17200 zones, for an up move towards 17300 and 17350 zones whereas support shifts higher to 17150 and 17100 zones

Expiry day point of view: Now it has to hold above 17200 zones for an up move towards 17300 and 17350 zones whereas support shifts higher to 17150 and 17100 zones.Option traders are suggested to be with positive bias till it holds above 17150/17200 levels. One can Buy nearby Call like 17200, 17250 or Bull Call Ladder Spread as upside is restricted

Trading Range : Expected immediate trading range : 17100 to 17300 zones.

Option Writing : Aggressive Option writers can sell 17350 Call and Sell 17000 Put in pair with strict double the SL

Weekly & Monthly Change : Nifty index is down by 1.84% in this series at 17213 on expiry to expiry basis as November series settled at 17536. Nifty VWAP of this series is near to 17200 and Index is trading marginally higher from VWAP levels while it up by 40 points from its weekly VWAP of 17175 levels which suggests range bound bias with buying on declines.

Key Data

Option Weekly Activity

To Read Complete Report & Disclaimer Click Here

For More Motilal Oswal Securities Ltd Disclaimer http://www.motilaloswal.com/MOSLdisclaimer/disclaimer.html SEBI Registration number is INH000000412

Above views are of the author and not of the website kindly read disclaimer