IGI Logo

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

On Tuesday, Nifty opened with a gap-down near the 23340 zone and extended losses to test the 50 and 20 DEMA around 23130. In the last two sessions, the index made lows near 23140 but witnessed strong bounces of 100-150 points each time, indicating buying interest at lower levels. Currently, Nifty is stuck in a narrow 200-point range, facing resistance around the 23400 zone. While profit booking is seen at higher levels, buyers are actively defending key support areas. On the weekly chart, the index has formed a small-bodied candle, while the daily chart reflects a bullish structure suggesting mixed sentiment in the market

The FIIs long-short ratio is hovering near 30% and Put Call Ratio is also hovering around 1 indicates mix cues. Now it has to hold above 23400 zones for an up move towards 23800 then 24000 zones while supports can be seen at 23400 then 23200 zones.

On option front, Maximum Call OI is at 24000 then 23500 strike while Maximum Put OI is at 23000 then 23200 strike. Call writing is seen at 23300 then 23600 strike while Put writing is seen at 22800 then 23000 strike. Option data suggests a broader trading range in between 22700 to 23700 zones while an immediate range between 23100 to 23500 levels.

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