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Happy Bank Nifty Weekly Expiry Day..!!

Happy Bank Nifty Weekly Expiry Day..!!
December 06
04:43 2018

Vikash Sahay

Happy Bank Nifty Weekly Expiry Day..!!

Bank Nifty remained volatile throughout the session and slipped towards 26444 marks. However it recovered marginally from lower levels but formed a Bearish Candle on daily scale. It started to form lower highs from last two sessions and recently seen hurdle near to 27000 and 26850 zones. It has broken immediate support of 26666 and resistance is shifting to lower zones with the downside support at 26350-26250 zones.

If it fails to hold above 26500 zones then index may remain under pressure with the major intraday hurdle at 26666 zones. Traders can trade with 26400 Put or 26500-26300 Bear Put Spread. If it sustains above 26500 zones then only we can change our stance to range bound bias.

Option writers can write higher strike Call like 26900/27000 CE with the view that 26850 zones is likely to act as a major hurdle while Put writers are suggested to wait for morning dips or can avoid till it doesn’t respect any meaningful level like 26350 or so.

Bank Nifty is trading negative with the loss of 1.28% on wow basis. Weekly VWAP is at 26760 zones and it is trading lower to the same so overall bears could keep their force with limited upside for its weekly expiry process.

On the weekly contract

Maximum Put OI is at 26000 PE (7.73 Lakhs Shares) and 26500 PE (7.21 Lakhs Shares)

Maximum Call OI is at 27000 CE (17.57 Lakhs Shares) and 26800 CE (10.03 Lakhs Shares)

Bank Nifty weekly contract has seen Put writing from 26000 to 26300 strikes while Call writing is seen at all the immediate strikes from 26600 to 27100 strikes.

 

Value Management Solution Pvt.Ltd

Mr. Vikash Sahay  can be contacted at +91 9835622223

DOW Futures is up by 400 Pts, Nikkei & Kospi climbs 2% and SGX Nifty up 80 Pts touching 11000 after long. U.S. financial markets will be close on Wednesday.

 

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