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BANKNIFTY : 39518

Bank Nifty opened flattish and it moved within a range throughout the session. Despite weakness in the broader market, the banking index held on to its immediate support zones. It formed a Doji sort of candle on daily scale as it closed near its opening levels but negated its higher highs of the last seven sessions. Now it has to hold above 39300 zones to witness an up move towards 40000 levels while on the downside major support is seen at 39000 and 38750 levels.

Expiry day point of view:

Overall trend is likely to remain volatile and now need to holds above 39300 zones to witness an up move towards 40000 zones while on downside major support is seen at 39300 then 39000 levels. Option traders are suggested to trade with nearby Call like 39500, 39600 strikes or Bull Call Spread Ladder

Trading Range: Expected immediate trading range : 39000/39300 to 40000 zones

Option Writing : Option writers are suggested to write OTM 40100/40200 Call and 38900/ 39000 Put with strict stop loss

Weekly Change : Bank Nifty is up by 0.45% at 39518 on weekly basis. Bank Nifty VWAP of the week is near to 39700 levels and it is trading 190 points below to the same indicates limited upside

Key Data

Option Weekly Activity

NIFTY : 18266 

Nifty index opened flat to positive but failed to surpass 18450 zones and broke its immediate support levels. Bears took over the index and it fell sharply towards 18200 zones to finally close with losses of around 150 points. It formed a Bearish candle on daily scale and started to form lower highs on daily scale. Now needs to hold above 18250 zones for a bounce towards 18350 and 18450 zones while support exists at 18150 levels

Expiry day point of view: Overall trend is volatile with hurdle at 18350 and 18450 zones while on the downside support is at 18150 levels. Play the volatile swing in this wider trading range.

Trading Range : Expected wider trading range : 18150 to 18350/18450 zones

Option Writing : Aggressive Option writers can sell 18500 Call and 18100 Put with strict double stop loss

Weekly Change : Nifty index is down by 0.39% at 18266 on a weekly basis. Nifty VWAP of the week is near to 18450 levels and it is trading 200 points below to the same indicates restricted upside and grip of Call writers in the weekly expiry.

Key Data

Option Weekly Activity

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