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

Nifty index is in buy on dips mode as overall trend remains Bullish and Nifty traded higher for the past 5 trading sessions. Nifty has crossed the resistance of 24500 levels. Throughout the week, sustained buying was seen from lower levels. Index is taking strong Support near 24350 zones which is also close to it 50 DEMA. On weekly chart Nifty has formed a Bullish candle which indicates some more strength towards the next resistance of 24800 then 25000 levels. Index is also trading above all short term moving averages and the current price action suggests that further Up-move may occur.

The increase in the long-short ratio from 38.14% along with FIIs buying over Rs.5000 crore from past some days indicates continued Bullish picture in the market. Overall as per price structure, till Nifty holds above 24500 zones, dips could be purchased for the upside target towards 25000 zones. On Weekly basis it has formed a strong Bullish candle indicating continued buying.

On option front, Maximum Call OI is at 25500 then 25000 strike while Maximum Put OI is at 24500 then 24000 strike. Call writing is seen at 24800 then 24850 strike while Put writing is seen at 24500 then 24700 strike. Option data suggests a broader trading range in between 24000 to 25500 zones while an immediate range between 24500 to 24850 levels.

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