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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 started the week on a flattish note, opening around 22520 on Monday and climbing to 22676, which coincides with its 20-day exponential moving average. However, this level acted as a strong resistance, leading to profit booking that dragged the index down to 22,314 in the following session. Over the past couple of sessions, Nifty has been stuck in a 250-300 point range lacking a clear directional move. It formed a bearish candle and an inside bar on daily frame indicating that pressure is intact at higher zones.

The FIIs long-short ratio is hovering around 17-18 levels. Increasing Put Call Ratio from lower zone and decreasing India Vix indicates buying at lower levels but momentum is missing at higher levels. Now it has to hold above 22330 zones for an up move towards 22650 then 22800 zones while supports can be seen at 22300 then 22222 zones.

On option front, Maximum Call OI is at 23000 then 22500 strike while Maximum Put OI is at 22000 then 22400 strike. Call writing is seen at 22700 then 22500 strike while Put writing is seen at 22000 then 22400 strike. Option data suggests a broader trading range in between 21800 to 22800 zones while an immediate range between 22200 to 22600 levels.

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