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

After a bearish run last week, Nifty saw some relief rally for the bulls this week. On Monday, the index hit a low of 23047 and has since moved higher climbing over 300 points in the past three sessions. This slow and steady recovery indicates some buying interest at lower levels breaking the previous sequence of lower lows on daily chart. However, the index is still struggling with follow-through buying at higher levels as it remains cautious near the 23333 mark. For further upside, Nifty needs to hold above 23333 which could push it towards the 23500 zone. On the weekly chart, the index formed small bodied bullish candle with long lower shadow which indicates support based buying is there.

The FIIs long-short ratio is hovering near 17% from last five trading session which shows selling pressure at higher zone along with buying near support zone. Based on the current price structure as long as Nifty has to cross and hold above 23333 zones for strength to regain towards 23500 and 23700 zones.

On option front, Maximum Call OI is at 24500 then 24000 strike while Maximum Put OI is at 22000 then 23000 strike. Call writing is seen at 23300 then 24000 strike while Put writing is seen at 23000 then 22500 strike. Option data suggests a broader trading range in between 22800 to 23700 zones while an immediate range between 23100 to 23500 levels.

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