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BANKNIFTY : 34574

Bank Nifty opened positive but failed to surpass 35000 zones and remained under pressure for most part of the session. It formed a Bearish candle on a daily scale and stuck in the grip of option writers ahead of its monthly expiry. Now it has to hold above 34500 zones to move up towards 34750 and 35000 zones while on the downside support exists at 34250 and 34000 levels.

Expiry day point of view:

Expiry day point of view : Overall trend is likely to remain consolidative and need to hold above 34500 zones for an up move towards 34750 then 35000 zones while on the downside support exists at 34250 then 34000 levels. Option traders are suggested to trade with nearby Call like 34600, 34700 strikes or Bull Call Ladder spread

Key Data

Trading Range: Expected immediate trading range : 34000/34250 to 34750/35000 zones

Option Writing : : Option writers are suggested to write OTM 35100/35200 Call and 34000/ 34100 Put with strict stop loss

Weekly and Monthly Change : Bank Nifty is down by 1.48% in this series at 34575 on expiry to expiry basis as May 2021 series settled at 35095. Bank Nifty is trading 570 points lower from its Series VWAP of 35150 and 225 points lower from its Weekly VWAP of 34800 levels which suggests overall range bound bias with limited upside.

Option Weekly Activity

NIFTY : 15686

Nifty index opened positive but failed to even hold its opening levels and after a volatile swing it drifted towards 15673 levels. It has been finding sustained selling pressure near to its lifetime high of 15850-15900 zones from the last few trading sessions. It formed a Bearish Belt Hold sort of candle on daily scale and closed with losses of around 85 points. Now, it has to hold above 15700 zones to witness an up move towards 15800 and 15900 zones while on the downside support can be seen at 15600 and 15550 zones.

Expiry day point of view: Expiry day point of view : Overall trend is consolidative and need to hold above 15700 zones to witness an up move towards 15800 zones while on the downside support is seen at 15600 then 15550 zones. Buy nearby 15700 Call or Bull Call Ladder Spread.

Key Data

Trading Range : Expected wider trading range : 15600 to 15800 zones​​​​​​​

Option Writing : Aggressive Option writers can sell 15850 Call and 15550 Put with strict double stop loss

Weekly and Monthly Change : Nifty index is up by 2.28% in this series at 15686 on expiry to expiry basis as May series settled at 15337. Nifty VWAP of this series is near to 15700 and Index is trading marginally below from VWAP levels while it is down by 80 points from its weekly VWAP of 15765 levels which suggests limited upside.

Option Weekly Activity

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