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BANK NIFTY : 34758

Bank Nifty opened gap up and continued its northward journey to touch 34908 levels. Banking stocks soared high and are holding the rate sensitive index at higher zones. It closed with gains of around 500 points and formed a Bullish candle on daily scale with longer lower shadow indicating bulls are in full form. It is forming higher top - higher bottom from the last four sessions. Now it has to hold 34500 zones to witness an up move towards 35000 and 35500 zone, while on the downside support exists at 34000 and then 33500 zones.

Expiry day point of view: Overall trend is buy on decline strategy till it holds above 34500 zones Bank Nifty a hold above 34500 zones could see an up move towards 35000 then 35500 zones. Option traders are suggested to trade with nearby Call like 34800 and 34900 strikes or Bull Call spread

Trading Range: Expected immediate trading range : 34250 to 35000-35200 zones

Option Writing : Option writers are suggested to write OTM 35500 Call and 33500 Put with strict stop loss

Weekly Change : Bank Nifty is up by 13.72% at 34758 on a weekly basis. Bank Nifty VWAP of the week is near to 33850 levels and it is trading 900 points higher to the same indicates bullish bias.

Key Data

Option Weekly Activity

NIFTY : 14789

Nifty index opened gap up and continued its positive streak for the third consecutive session and touched yet another life time high of 14868 during the day. The second half of the session, saw some consolidation and the index finally closed with gains of around 140 points. It formed a Bullish candle on daily scale and continues its higher highs - higher lows formation of the last three sessions. Now, Nifty has to continue to hold above 14600 zones to continue its bullish momentum towards 14850 and then 15000 zones while support can be seen around 14500 and then 14400 zones.

Expiry day point of view: Overall trend is bullish with buy on any small declines strategy. Option traders are suggested to be with positive bias for an up move towards 14850-14900 zones. Buy nearby 14750 and 14800 Call or Bull Call Ladder Spread.

Trading Range : Expected wider trading range : 14650 to 14900 zones

Option Writing : Aggressive Option writers can sell 15000 and 14500 Put with strict double stop loss

Weekly Change : Nifty index is up by 8.47% at 14790 on a weekly basis. Nifty VWAP of the week is near to 14550 levels and it is trading 250 points higher to the same indicates overall bullish bias.

Key Data

Option Weekly Activity

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