Quote on F&O Expiry by Mr. Chandan Taparia, Senior Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd
Below the Quote on F&O Expiry by Mr. Chandan Taparia, Senior Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd
Nifty started the week on a slightly negative note, opening around the 22,350 zone on Monday. However, bulls quickly took charge, driving the index to a sharp rally of nearly 800 points over the last four trading sessions. Notably, in each of the last three sessions, Nifty opened with a gap-up and after an initial dip, continued to inch higher throughout the day, reflecting strong bullish dominance. The index has successfully crossed and sustained above key resistance levels and is now holding well above its 20 and 50 DEMA, indicating the continuation of bullish momentum. It formed a big bullish candle on weekly chart and gave consolidation breakout of last three weeks.
The FIIs long-short ratio is increased to 25% which shows there is short covering trigger in the market. Increasing Put Call Ratio from lower zone and decreasing India Vix indicates buying at lower levels. Now it has to hold above 23000 zones for an up move towards 23333 then 23500 zones while supports can be seen at 23000 then 22800 zones.
On option front, Maximum Call OI is at 23500 then 23000 strike while Maximum Put OI is at 23000 then 22500 strike. Call writing is seen at 23400 then 23200 strike while Put writing is seen at 23000 then 23200 strike. Option data suggests a broader trading range in between 22800 to 23800 zones while an immediate range between 23000 to 23400 levels.
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