- Both Indices managed to close negatively. but Bank Nifty crossed recent all time high but as soon as it crossed there was selling pressure.
- Bank Nifty especially rallied for last 3 days it is very much expected that it enters into correction zone.
- FII were net buyers (bought approx 760 crs)
- As per market participation data FIIs unwound future longs net around 6500 but net shorts were added only 864. in futures they are distributed equally (50 % long and 50 % short)
- in options they unwound lot of call of options (approx 11200) but they did not buy any put options
- net 13200 short put contracts were offloaded by FII and 1200 short call contracts.
- Overall long to short percentage is 44 to 56.
- today close was just below the CPR range and on daily basis CPR narrowed.
- Both Nifty and Bank Nifty PCR is down compared to yesterday but it is above 1.
- Max pain was increased by 200 on monthly basis, which is at 31700
- Open interest for Bank nifty 31500 Put change in OI is 2 lakh contracts could act as major support, upside 32200 and 32500 seen major OI could act as resistance.
- Considering all these factor, Bank Nifty likely to test 31500 near future if it doesn't hold 31800 - 31880 level.
- Ahead of GST meeting (18th Dec) market would remain sideways with negative bias.
- Planning to do 31500, 32000 and 32500 short straddle on monthly basis and 32000, 31800, 31600 and 32200 short straddle on weekly basis.
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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