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Option Highlights:
The highest Open Interest (OI) concentration on the Call side is at the 53,000 strike, with notable levels also at 51,000 and 52,000, indicating potential resistance zones.

On the Put side, the highest OI concentration is at 53,000, followed by 49,000 and 51,000, which may act as key support levels.

The At-The-Money (ATM) combined option premium stands at Rs. 1,720/-, implying a probable trading range between 54,000 and 50,000.

Bank Nifty Strategy: Iron Butterfly

View: Range-Bound with Low Volatility

Rationale: An Iron Butterfly is a neutral options strategy used when a trader expects to remain range-bound with low volatility. It combines selling an at-the-money (ATM) straddle with buying out-of-money (OTM) wings to limit risk.

Strategy:

Expiry: 24th April 2025

Sell BankNifty 52000 Call @ 900 - 940
Sell BankNifty 52000 Put @ 780 - 820
Buy BankNifty 54000 Call @ 180 - 200
Buy BankNifty 50000 Put @ 240 - 260

Lower Break Even : 50,725
Higher Break Even : 53,280

Max Risk : Rs. -21,725/-
Max Reward : Rs. 38,275/-

Bank Nifty

* The highest Open Interest concentration on the Call side is observed at the 53,000 strike, with significant levels also at 51,000 & 52,000, which are likely to act as resistance levels.

* The high Open Interest concentration on the Put side is seen at the 53,000 strike followed by 49,000 and 51,000 which may serve as support levels.

* The At-The-Money (ATM) combined option premium is currently at Rs. 1720/-, suggesting a likely trading range between 54,000 and 50,000.

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