- Majority of the Indices are closed in red, (except IT Index).
- FIIs sold 1100 crs today
- Bank Nifty down 320 points and up from lows about 150 points
- Nifty PCR and Bank Nifty PCR is at 0.79 and 0.75
- Daily CPR width Widened.
- Bank Nifty broke major support 31660 to 31600 levels, but at the end closed between these levels.
- first support could be today's low 31504 and then 31470 which is partial virgin CPR. if price dont sustain then we could see more correction to 31330 and then to 31204.
- Sustaining the support level 31660 to 31600, immediate resistance seen at 31850 levels then 31940 level.
- Max pain down on weekly expiry and monthly expiry.
- In Bank Nifty option chain on call side the IV increased significantly than put side.
- approx 4.8 lakh change in OI contracts are added at 32000 ce could act as resistance for this weekly expiry
- around 1.3 lakh change in OI contracts are added at 31500 PE could act as immediate support .
- As per the market participation data, it is observed that FII were shorting the index, buying more puts and shorting calls. this indicates they are in selling mode.
- one can apply short straddle 31200, 31500, 31800, 32000
- Ahead of RBI event there could be some spike in the premium but predicting that bank nifty range will be between 31000 and 32000 for this expiry.
Disclaimer: I am not a SEBI register advisior, The above trade setup is purely based on my own study and analysis. i am not giving suggestions to buy / sell specific options. please consult your financial advisors / do the due diligence before taking any trade.
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