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Below the Quote on Weekly F&O Expiry Note by Chandan Taparia, senior vice president of equity derivatives & technicals, broking & distribution at Motilal Oswal Financial Services Ltd

‘Nifty index is up by 3.15% in this July series and trading 450 points higher than its series volume weightage average of 24350 zones. As its trading higher than VWAP so bullish stance with short covering trigger continue the positive move in the market. Overall index has been making higher top - higher bottom formation on weekly scale and supports are gradually shifting higher. Index continuing its winning streak for seventh consecutive weeks and base has shifted from 24000 to 24500 zones to extend the momentum towards 25000 and 25250 zones. Overall it seems that index is well positioned to scale higher than 25000 and 25250 zones with shift in support zones.

India VIX has been moving in between 12 to 15 zones from last 25 trading sessions. Stable volatility is supporting the overall bullish stance of the market. Option data suggests a broader trading range in between 24400 to 25200 zones while an immediate range between 24600 to 25000 levels. However ahead of Union Budget, volatility may see some spike but overall bullish stance is ruling out change in market setup.

Option traders can initiate Bull Call Spread by buying one lot of 24800 call and sell one lot of 24200 call to continue to be with bullish bias of the market.’

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