NSE Nifty 50 index is eyeing 16,700 points target in the existing week to 18 August alternatives expiry. This week’s expiry day is on Wednesday, 18 August 2021, as markets will stay closed on Thursday on the occasion of Muharram. The alternatives information recommended the highest get in touch with OI at 16,500 strike. Analysts count on Nifty to expire among 16300-16600 this week. While Bank Nifty is most likely to trade in the 35800-36600 variety. So far this week, Nifty has gained more than 1 per cent to a fresh record higher of 16,449.95. While the Bank Nifty index has added almost one per cent to today’s higher of 36,178.35. “Bank Nifty is consolidating near the 36,000-mark and both call and put at the 3,6000 strike have the highest OI but we may see a catch-up rally in Bank Nifty where 36500 is an immediate hurdle,” Santosh Meena, Equity Research Head, Swastika Investmart, told TheSpuzz Online.
Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services
Markets opened on a positive note and the Options information suggests that Nifty has opened up some more space on the upside. Today, the 16300 and 16400 calls saw big Place writing taking place with 16400 seeing addition of more than 4 million Puts indicating that any consolidation will see this zone acting as powerful possible supports. Call writing on the other hand is seen among 16500-16600 levels. This defines a variety of 16300-16600 for the Nifty for the coming week.
Bank Nifty is also seeing big Place writing at 36000 this tends to make this point a excellent possible help for Bank Nifty followed by 35800 level. On the other hand, addition of Call OI is seen at 36400 and 36600 levels. This shows that Bank Nifty may possibly oscillate among 35800-36600 variety with a positive bias.
Santosh Meena, Equity Research Head, Swastika Investmart
Setup for the new weekly selection expiry is seeking bullish as the highest OI of about 30 lakh is placed at the 16300 place selection which will act as an instant and powerful help level though on the get in touch with alternatives front 16500 has the highest OI of about 18.5 which is an instant psychological hurdle. So for the time becoming, we have a properly-defined variety of 16300-16500 but the upside is open up to 16700 level. On the downside, if Nifty slips beneath the 16300 level then 16200-16150 is a important help region. This expiry is a quick expiry as we will have expiry on 18-August, Wednesday simply because of vacation on Thursday on the occasion of Muharram.
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Bank Nifty is consolidating close to the 36000 mark and each get in touch with and place at the 36000 level have the highest OI but we may possibly see a catch-up rally in Bank Nifty exactly where 36500 is an instant hurdle above this 37200-37700 will be the next resistance region. On the downside, 36000 will act as an instant help level though 35500/35000 will be the next help levels.
Gaurav Udani, CEO & Founder, ThincRedBlu Securities
Nifty gave a powerful opening today, it opened at 16,430, up by 65 points in the initially 15 minutes of the day. If the Nifty 50 index manages to close above 16,450 on Friday, we may possibly see 16550 and 16700 levels prior to the next weekly expiry. Nifty has powerful help in 16330 and 16280 variety. Bank Nifty on closing above 36200 may possibly test 37000 in the existing weekly expiry. It has powerful help in the 35800 – 35700 variety.