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Nifty

Nifty ends the June series on a strong note with strong rollover data supporting the ongoing bullish trend to sustain. Rollover of Nifty stood at 76%, which is higher than its 3 months average of 71% while for Bank Nifty it stood at 70% vs 67%. At the beginning of July series, Option data is scattered at various far strikes in monthly series. On a weekly front, Maximum Call open interest (OI) is at 25000 followed by 24000 strike while Maximum Put OI is at 24000 then 23000 strike. Call writing is seen at 24200 while Put writing is seen at 24000 then 23800 strike. Technically Nifty has been holding well above its 5 DEMA support level for 16 sessions in a row; the support has been rising with the trend. The major support level is placed at 23355 (20 DEMA) below which the index may see change in trend while upside momentum may get arrested in case the index falls below 23790 (5 DEMA Support). At the beginning of this series, options data shows a confident writing base around 23000 followed by 23500 and a strong upper bound at 24000. While weekly options data for today indicates an immediate range of 24200–23800 itself. Traders should refrain from chasing momentum longs & utilize intraday dip if any towards 23860 to add longs until 23790 holds.

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