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BANKNIFTY : 38041

Bank Nifty opened negative and after inching higher, it slipped down and breached 38000 levels. Apart from selective PSU banks, all other banking stocks faced weakness and the index closed with losses of around 270 points. It made a small bodied Bearish candle on daily scale with long upper shadow indicating selling pressure at higher zones. Now till it holds below 38300 zones, weakness could be seen towards 37800 and 37500 zones whereas resistance can be seen at 38500 and 38750 levels.

Expiry day point of view:

Overall trend is likely to remain weak and till it holds below 38300 zones weakness could be seen towards 37800 and 37500 zones whereas hurdles can be seen at 38500 zones. Option traders are suggested to trade with nearby Put like 38000, 37900 strikes or Bear Put Ladder Spread

Trading Range: Expected immediate trading range : 37500/37750 to 38300/38500 zones

Option Writing : Option writers are suggested to write OTM 38700/38800 Call and 37300/ 37200 Put with strict stop loss

Weekly Change : Bank Nifty is down by 1.79% at 38041 on weekly basis. Bank Nifty VWAP of the week is near to 38500 levels and it is trading 450 points below to the same indicates negative bias.

Key Data

Option Weekly Activity

NIFTY : 17898

Nifty index opened negative and witnessed wild swings within a range throughout the session. It saw selling pressure in the concluding hour and closed with losses of around 100 points. It formed a small bodied Bearish candle on daily scale and is forming lower tops - lower bottoms indicating limited upside. Now it has to cross and hold above 18000 zones for any kind of up move towards 18200 zones. While on the downside, index can drift towards key support at 17777 and lower zones.

Expiry day point of view: Overall trend is restricted with immediate hurdle at 18000 zones while on the downside support is at 17777 then 17650 levels.

Trading Range : Expected wider trading range : 17777 to 18000/18050 zones

Option Writing : Aggressive Option writers can sell 18050 Call and 17750 Put with strict double stop loss

Weekly Change : Nifty index is down by 1.13% at 17898 on a weekly basis. Nifty VWAP of the week is near to 18050 levels and it is trading 150 points below to the same indicates overall negative bias with selling on bounce.

Key Data

Option Weekly Activity

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