IGI Logo

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

Nifty opened on a positive note today but remained under pressure throughout the session as bears dominated the trade. The index gradually drifted lower and even slipped below the 25400 mark, reflecting sustained selling pressure. After trading in a narrow range for the last three sessions, today’s move marked a clear breakdown from that consolidation. Notably, the index had been struggling to surpass the 25550 zone over the past two days, from where repeated selling pressure was visible. As a result, Nifty has formed a bearish candle on both daily and weekly charts, suggesting that the recent upside momentum is facing exhaustion near higher levels. Going ahead, as long as Nifty holds below 25500, weakness may persist towards 25222, while resistance is placed at 25550 followed by 25650.

The FIIs long-short ratio is hovering near 28% and index is witnessing some sort of pressure on upper levels. Now till holds below 25550, weakness can be seen towards 25222 and then 25150 zones while hurdles at 25550 and then 25650.

On option front, Maximum Call OI is at 25500 then 25600 strike while Maximum Put OI is at 25500 then 25400 strike. Call writing is seen at 25500 then 25400 strike while Put writing is seen at 25400 then 24500 strike. Option data suggests a broader trading range in between 24900 to 25900 zones while an immediate range between 25200 to 25600 levels.

Above views are of the author and not of the website kindly read disclaimer