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S&P BSE Sensex index opened with a gap down of around 400 points near 74800 zones but bulls took charge from the initial tick and pushed the index higher towards 75400 marks. It inched higher in a slow and steady manner throughout the session reflecting sustained buying interest. From the last seven sessions, the index has got stuck in a broad range of around 1500 points and now requires a decisive breakout for the next leg of the move. It formed a bullish candle on daily chart with a longer lower shadow indicating buying interest at lower levels. Now it has to hold above 75000 zones for an up move towards 76000 then 76200 levels while support is placed at 75000 then 74700 zones.

Expiry day point of view : Overall trend is likely to remain positive with volatile move and Now it has to hold above 75000 zones for an up move towards 76000 then 76200 levels while support is placed at 75000 then 74700 zones.

Trading Range : Expected wider trading range : 74700/75000 to 76000/76200 zones

Option Strategy : Option traders can initiate weekly Bull Call Spread (Buy 75800 CE & Sell 76000 CE) to play the upside move.

Option Writing : Option writers are suggested to Sell weekly 74200 Put & 76500 Call in pair with double SL.

Weekly Change : S&P BSE Sensex is marginally down by 0.10% on a weekly basis. Sensex VWAP of the week is near 75300 levels and it is trading near the same which indicates overall bullish stance with buy on dips for the expiry day point of view.

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