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BANKNIFTY : 42827

Bank Nifty opened negative and moved within 340 points during the day. It failed to hold above 43000 zones and closed with losses of around 20 points. It formed a Bullish candle on daily scale with longer upper shadow. Now it has to hold above 42750 zones, for an up move towards 43000 and 43250 whereas on the downside, support is placed at 42400 and 42250 zones.

Expiry day point of view : Overall trend is likely to be positive and now it has to hold above 42750 zones for an up move towards 43000 and 43250 zones whereas supports are placed at 42400 and 42250 zones

Trading Range : Expected wider trading range : 42250/42400 to 43000/43250 zones

Option Strategy : Option traders can initiate Bull Call Ladder Spread (Buy 42800 CE, Sell 43100 CE and Sell 43300 CE) to play the positive move but with restricted upside

Option Writing : Option writers are suggested to write 43300/43400 Call & 42100/42200 Put in pair with double the SL

Weekly and Monthly Change : Bank Nifty is down by 0.58% in this series at 42827 on expiry to expiry basis as Nov 2022 series settled at 43075. Bank Nifty is trading around 400 points lower from its Series VWAP of 43200 while 100 points higher from its Weekly VWAP of 42700 levels which suggests overall range bound bias for expiry day point of view

NIFTY : 18122

Nifty index opened negative but moved in a choppy manner throughout the session in a broader range of around 100 points. It managed to hold near to 18081 zones but failed to surpass key hurdle of 18181 zones and finally closed with losses of around 10 points. It formed a small bodied Bullish candle on daily scale with long shadows indicating range bound move. Now, it has to continue to hold above 18081 zones, for an up move towards 18250 and 18350 zones whereas supports are placed at 18018 and 17950 zones.

Expiry day point of view : Overall trend is likely to remain range bound and now it has to hold above 18081 zones, for an up move towards 18250 then 18350 zones whereas support is placed at 18018 then 17950 zones

Trading Range : Expected wider trading range : 17950/18018 to 18250/18350 zones

Option Strategy : Option traders can initiate Bull Call Ladder Spread (Buy 18050 CE, Sell 18150 CE and Sell 18200 CE) to play the positive move but with restricted upside

Option Writing : Aggressive Option writers can sell 18250 Call and 17900 Put in pair with double the SL

Weekly and Monthly Change : Nifty index is down by 1.96% in this series at 18122 on expiry to expiry basis as Nov 2022 series settled at 18484. Nifty VWAP of this series is near to 18480 and Index is trading around 350 points below from VWAP levels while it is up by 50 points from its weekly VWAP of 18075 levels which suggests overall buying on decline for expiry day point of view with restricted upside

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