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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

This week nifty saw a significant bounce opening with a big gap-up on Monday following the state election results and hitting a high of 24351. On an expiry-to-expiry basis, the index gained over 3% marking a sharp recovery compared to previous weeks. However, despite the bullish start index has struggled around the 24350 level for the last four sessions with each day's high hovering near this resistance zone. Today, the bears took control by midday triggering strong selling pressure. Every minor bounce was met with renewed selling as the index failed to break above the crucial resistance. On the weekly chart, nifty formed another bearish candle signalling that further downside pressure could emerge if the index fails to reclaim key resistance levels.

FII selling pressure has reduced this week as reflected by an improvement in the Long-Short ratio which has risen to 32%. Overall as per price structure, till Nifty holds below 24350 zones, bounce could be sold for the downside target towards 23600 zones.

On option front, Maximum Call OI is at 24500 then 25000 strike while Maximum Put OI is at 23500 then 23000 strike. Call writing is seen at 24500 then 24000 strike while Put writing is seen at 23000 then 24000  strike. Option data suggests a broader trading range in between 23500 to 24500 zones while an immediate range between 23700 to 24200 levels.

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