Motilal Oswal Financial Services in its weekly expiry report stated that the immediate trading range for Bank Nifty will be 35,750/36,000 to 36,700/37,000 zones. Whereas, Nifty may see wider trading range-16,900/17,000 to 17,350 zones.
Bank Nifty: 36,365
Bank Nifty opened positive and relatively outperformed the broader market. The banking index bounced well after taking support at its 200 DMA and closed with gains of around 670 points. It made a Bullish candle and an Inside Bar on daily scale. Now it has to cross and hold above 36,500, for an up move towards 36,750 and 37,000 zones whereas support can be seen at 36,000 and 35,750 zones.
Expiry day point of view: Overall trend is likely to remain volatile, however it needs to hold above 36,500 zones for an up move towards 36,750 then 37,000 zones whereas support can be seen at 36,000 and 35,750 zones. Option traders are suggested to trade with nearby Call like 36,400, 36,500 strikes or Bull Call Ladder Spread.
Trading Range: Expected immediate trading range- 35,750/36,000 to 36,700/37,000 zones.
Option Writing: Option writers are suggested to write OTM 37,000/37,100 Call and 35,400/35,300 Put with strict stop loss.
Weekly Change: Bank Nifty is up by 0.94% at 36,364 on weekly basis. Bank Nifty VWAP of the week is near to 36,100 levels and it is trading 250 points above to the same indicates buying at lower levels.
Nifty: 17,166
Nifty index opened positive and gained strength as recovery was seen despite hurdles at key levels. It remained within the range of yesterday’s candle and closed with gains of around 180 points. It comparatively remained less volatile and formed a small bodied Bullish candle on daily scale. Now it needs to cross and hold 17,200 zones for an up move towards key hurdle at 17,350 and 17,500 zones whereas support can be seen at 17,000 and 16,800 zones.
Expiry day point of view: Overall trend is volatile with immediate hurdle at 17,250 then 17,350 zones while on the downside support is at 17,000 then 16,900 levels.
Trading Range: Expected wider trading range: 16,900/17,000 to 17,350 zones.
Option Writing: Aggressive Option writers can sell 17,350 Call and 16,900 Put with strict double stop loss.
Weekly Change: Nifty index is up by 0.82% at 17,166 on a weekly basis. Nifty VWAP of the week is near to 17,100 levels and it is trading 60 points above to the same indicates overall range bound bias.
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