IGI Logo

Below the Quote on PFB the Market Expiry by Chandan Taparia Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd

Nifty index opened with a gap-down around the 24,460 zone and came under sustained selling pressure during the first half of the session, dragging the index lower towards 24,350. Bears remained in control for most of the day. However, in the last hour, bulls made a strong comeback, with the index recovering over 250 points from the day’s low and reclaiming the 24,600 zone. After sharp intraday selling, this sharp recovery brought much-needed relief for the bulls. On the daily chart, Nifty formed a Hammer candle, indicating support-based buying and a potential reversal from the lower levels. On the weekly chart, a Doji candle has formed once again, highlighting ongoing indecision and a tug of war between bulls and bears.

Throughout the week, Nifty faced selling pressure from higher levels and failed to see sustained momentum. Going forward, Nifty needs to hold above the 24600 zone to extend the recovery towards 24750 and then 24900. On the flip side, a move below 24600 could trigger weakness again with support seen at 24442 followed by 24350.

 The FIIs long-short ratio is hovering near 8-9% from last few sessions and index is witnessing some sort of pressure on upper levels. Now Nifty needs to hold above the 24600 zone to extend the recovery towards 24750 and then 24900. On the flip side, a move below 24600 could trigger weakness again with support seen at 24442 followed by 24350

On option front, Maximum Call OI is at 24700 then 25000 strike while Maximum Put OI is at 24500 then 24000 strike. Call writing is seen at 24700 then 25000 strike while Put writing is seen at 24500 then 24400 strike. Option data suggests a broader trading range in between 24100 to 25100 zones while an immediate range between 24300 to 24800 levels.

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