IGI Logo

BANKNIFTY : 38727

Bank Nifty opened gap up and inched higher to 38850 zones. The banking index has been relentlessly showing strength and closed with gains of around 285 points. It has been making higher lows from the last nine sessions and supports are gradually shifting higher. It formed a Doji sort of candle on daily frame which indicates some tussle at higher zones. Now it has to hold above 38500 zones for an up move towards 39000 and 39250 zones whereas support can be seen at 38250 and 38000 zones.

Expiry day point of view:

Overall trend is likely to positive and now it needs to hold above 38500 zones for an up move towards 39000 then 39250 zones whereas support can be seen at 38250 zones. Option traders are suggested to trade with nearby Call like 38800, 38900 strikes or Bull Call Ladder Spread if it holds above 38500 zones

Trading Range: Expected immediate trading range : 38350/38500 to 39000/39250 zones

Option Writing : Option writers are suggested to write OTM 39200/39300 Call and 37900/ 38000 Put with strict stop loss

Weekly Change : Bank Nifty is up by 2.62% at 38727 on weekly basis. Bank Nifty VWAP of the week is near to 38500 levels and it is trading around 250 points above to the same indicates bullish bias.

Key Data

Option Weekly Activity

NIFTY : 18212

Nifty index opened gap up and moved towards 18227 levels. It continued its winning streak and has been making higher high from the last four sessions. It formed a small bodied Bullish candle on daily scale and gave its highest daily close of the last 53 sessions. Now it has to hold above 18181, for an up move towards 18300 and 18400 levels whereas support shifts higher to 18081 and 18000 zones.

Expiry day point of view: Overall trend is positive and need to hold above 18181 for up move towards 18300 then higher zones whereas major support can be seen at 18081 then 18000 zones.

Trading Range : Expected wider trading range : 18081 to 18350/18400 zones

Option Writing : Aggressive Option writers can sell 18400 Call and 18050 Put with strict double stop loss

Weekly Change : Nifty index is up by 2.24% at 18212 on a weekly basis. Nifty VWAP of the week is near to 18080 levels and it is trading 130 points above to the same indicates bullish bias with buy on decline strategy

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