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Below the Quote on F&O Expiry by Mr. Chandan Taparia, Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd

Nifty delivered a strong performance this week, rallying over 1.66%, with the bulls clearly dominating the trend. Over the past two weeks, the index has surged by more than 1300 points. Today, Nifty Index opened slightly negative and traded with high volatility in the initial hour. In the later part of the day Nifty traded sideways in a small range of around 65 points. It took support near 24220 marks and witnessed bounce back in the last hour. It closed the day with a loss of around 80 points. From a technical perspective, Nifty has formed a small bodied candle on the daily chart however it has formed bullish candle on weekly charts, indicating sustained upward momentum.

The FIIs long-short ratio is hovering near 30%. Range-bound India vix and increasing put call ratio suggest that bullish momentum may continue. Now till it holds above 24100 zones for an up move towards 24400 then 24600 levels while support can be seen at 24100 and then 24000 level.

On option front, Maximum Call OI is at 25000 then 24500 strike while Maximum Put OI is at 24000 then 23500 strike. Call writing is seen at 24800 then 25000 strike while Put writing is seen at 23500 then 24000 strike. Option data suggests a broader trading range in between 23500 to 25000 zones while an immediate range between 23800 to 24700 levels.

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