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BSE SENSEX : 74169

S&P BSE Sensex opened on a flattish note and swiftly moved higher in the first hour of the session. However, profit booking emerged near resistance levels, leading to a pullback. The index got stuck in 300 point range during the latter half of the session and ultimately, it closed with a gains of over 300 points. On the daily charts, Sensex formed a bullish candle, signalling strong buying interest at lower levels while upside potential remained capped. Now it has to hold above 73900 for strength towards 74400 then 74600 zones else weakness could be seen towards 73900 then 73700 zones.

Expiry day point of view :

Overall trend is likely to remain positive to range bound and now it has to hold above 73900 for strength towards 74400 then 74600 zones else weakness could be seen towards 73900 then 73700 zones.

Trading Range :

Expected wider trading range : 73700/73900 to 74400/74600 zones.

Option Strategy :

Option traders can initiate Weekly Bull Call Spread (Buy 74200 CE & Sell 74400 CE) to play the upside move.

Option Writing :

Option writers are suggested to Sell weekly 73000 Put & 75200 Call in pair with double the SL.

Weekly Change :

S&P BSE Sensex is up by 0.09% at 74169 on weekly basis. Sensex VWAP of the week is near 74150 zones and it is trading near the same which indicates buy on dips with capped upside for the expiry day point of view.

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