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Below the Quote on F&O Expiry by Mr. Chandan Taparia, Head, Equity Derivatives & Technicals, Wealth Management, MOFSL

This week Nifty witnessed a subdued performance trading within a narrow range throughout the week in contrast to the sharp recovery seen two weeks ago. The index opened on a flattish note on Monday and struggled to gain directional momentum with volatility remaining low. Despite attempts to move higher, Nifty faced resistance around the 24700 zone failing to sustain above it. The index remained confined within the boundaries of the candle formed last Thursday highlighting the lack of momentum in either direction. On a positive note, Nifty managed to sustain above all its key short-term moving averages and held the critical support level near the 24500 zone.

On the weekly chart, nifty formed another inside bar signalling that positive to range bound bias for upcoming sessions.

FII selling pressure has reduced as reflected by an improvement in the Long-Short ratio which has risen to 44%. Overall as per price structure, till Nifty holds above 24350 zones, buy on dips may continue.

On option front, Maximum Call OI is at 26000 then 25000 strike while Maximum Put OI is at 23500 then 24000 strike. Call writing is seen at 24600 then 25000 strike while Put writing is seen at 23900 then 24500  strike. Option data suggests a broader trading range in between 24000 to 25000 zones while an immediate range between 24400 to 24800 levels. 

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