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Below are perspective on today`s F&O Expiry By Mr. Chandan Taparia, Derivative & Technical Analyst, Motilal Oswal Financial Services

“Nifty settled the April series with gains of 3.98% at 14894 compare to March close of 14324 levels. It traded the series in broader range of 14151 to 15044 marks and covered the entire trading range of the series in just last six trading sessions. It was in consolidative range with limited upside as well as downside for most part of the series and it is up by around 3.86% in this expiry week. Major trend of the market is positive to range bound and we noticed that every meaningful decline was being bought in the market.

Since, it is the beginning of new series, option data is scattered at different strikes. On option front, Maximum Put OI is at 14000 followed by 13500 strike while maximum Call OI is at 15000 followed by 15500 strike. Option data suggests a wider trading range in between 14500 to 15500 zones.

India VIX moved up by 2.67% from 22.70 to 23.30 levels. India VIX remained in between 18.23 to 23.62 zones. Lower volatility suggests that decline could be bought in the market.

Now, it has to continue to hold above 14700 zones to witness an up move towards 15150 and 15350 zones while on the downside support exists at 14600 and 14450 zones. Nifty future has seen rollover of 68% as per provisional data while Bank Nifty has seen light open interest comparatively with Rollover of around 72%.

Bank Nifty settled the April series with gains of 2.15% at 33714 compared to March close of 33006 levels. It traded the series in range of 30400 to 34287 and mainly witnessed good recovery in the expiry week.

Now it has to continue to hold above 33333 zones for an up move towards 35000 and 35500 zones while on the downside positional support can be seen at 32250 zones.

Sector wise Metal index rallied by 30% with good long rollover and positive momentum could continue even in the next series as well. Nifty Pharma closed with gains of 12% while Nifty FMCG remained flattish with gains of 2.40%.”

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