NSE Nifty 50 may perhaps trade in the 16,one hundred-16,400 variety today on weekly futures & selections expiry, though 36,000 will act as an significant level for Bank Nifty. On Wednesday, Nifty logged fresh all-time higher of 16,290.20 and ended the day at a record closing higher of 16,258.80. Analysts count on some volatility on expiry day and advise investors to trade cautiously on Thursday. The all round trading variety for Bank Nifty is anticipated to be among 35,000-36,500, mentioned analysts. India VIX, the volatility gauge, cooled-off 3.89 per cent to 13.21 levels on Wednesday.
On Nifty selections, the maximum Call OI is at 16,300 strike with 95,071 contracts, followed by 16,400 strike value. While maximum Put OI is at 16,000, followed by 15,900. Call writing was seen at 16,350 and 16,400 strikes, though Put writing was seen at 16,200, then 16,250 level strikes. Call unwinding was at 16,one hundred and 16,000 strikes and place unwinding was seen at 15,300. For Bank Nifty selections, the highest open interest on the get in touch with side in the weekly expiry is at 37,000, followed by 36,000 strike though the highest OI on the place side is at 35,000-34,500 strike.
Rajesh Palviya, VP – Research (Head Technical & Derivatives), Axis Securities
Nifty as per the provisional information has witnessed Long Build Up with a value achieve of .74% and enhance in OI of 6.05 lakh shares compared with Tuesday, though Bank Nifty has also seen Long Build Up with value achieve of 2.25% & OI addition of .85 lakh shares. The sentiment indicator Computer Ratio (Nifty) is presently trading at 1.55 indicating positive bias with caution at larger levels. Nifty highest OI on the Get in touch with side in the weekly expiry scheduled 5th August 2021, is at 16,300 (47.53L) and 16,400 (47.49L) strikes respectively wherein writing of 16.50 lakh shares and 16.05 lakh shares was witnessed at 16,350 and 16,400 strikes indicating powerful resistance zone at 16,400. On the Put side highest OI is at 15,900 (47.01L) and 16,000 (49.91L) strikes wherein writing of 39.39 lakh and 19.12 lakh shares was seen at 16,200 and 16,250 strikes, respectively, indicating a powerful help zone. So, the most probable variety for the weekly expiry is probably to be among 16,one hundred to 16,400.
In Bank Nifty the highest OI on the Get in touch with side in the weekly expiry is at 36,000 (14.75L) and 37,000 (16.76L) strikes though on the Place side highest OI is at 35,500 (12.57L) and 35,000 (18.21) strike, with 36,000 acting as a pivotal level for this weekly expiry as there has been an addition of 1.75 lakh shares on Get in touch with side and 8.89 lakh addition on Place side suggesting that any sustained move on either side of this level will choose the trend in Bank Nifty. While on the writing front 35,500 place has seen writing of 10.98 lakh shares followed by 35,800 place writing 8.38 lakh shares indicating a powerful help zone all round variety for Bank Nifty is probably to be among 36,200-36,500 to 35,000-35,200.
Ajit Mishra, VP – Research, Religare Broking
Nifty has lastly regained momentum immediately after spending two months in a consolidation variety. It has tested a new milestone of 16,000+ zone as effectively and is trading up by 3% this week so far. As per the target of variety breakout, Nifty may perhaps face resistance about 16,350 and it has just about reached closer to that zone. Besides, the derivatives information indicates the possibility of Nifty trading inside the 16,200-16,300 zone on the weekly expiry day. In brief, we may perhaps see the index take a breather tomorrow and settle closer to the 16,200 zone.
Bank Nifty has also witnessed a sharp rebound this week and attempted to surpass the resistance barrier of 36,200 as effectively. It is up by almost 4% with noticeable participation from the banking and other economic majors. In line with the benchmark, it may perhaps also see a pause on the weekly expiry day nonetheless, the bias would stay on the positive side. On the larger side, 36,200 may perhaps continue to act as an instant hurdle though 35,500 would act as a cushion in case of any dip. The derivatives information are also in sync with the view.
Sameet Chavan, Chief Analyst – Technical and Derivatives, Angel Broking
Nifty 50, immediately after the last two months of boredom, kick-began the August month with an upside gap, following it up with a bump up and more acquiring, topping the a great deal-awaited milestone of 16000. One day ahead of the very first weekly expiry of August series, the mighty bulls tightened grip and went on to extend the rally towards 16300. Collectively, we had a fabulous run this week to add more than 3 % to the bulls’ kitty. This achievement wouldn’t have been doable with no the participation of the banking space. It has been a spoilsport of late but we lastly saw it taking the charge as it became the important contributor in the last couple of sessions. The banking index posted handsome gains of more than 4% in merely 3 sessions and in the method, managed to surpass the sturdy wall of 36000 by a tiny margin.
Let’s take a look at the action in the F&O space. We observed meaningful extended formation in Nifty whereas, the banking index rallied due to a mix of each extended and brief covering. In the up move, the place writers added huge positions which resulted in highest open interest concentration shifting larger from 15500 to 16000 now. On the other side, traders are now eyeing 16300 and 16400 get in touch with strikes. For the coming session, all eyes would be on the banking space, and any adhere to-up, as effectively as sustainable acquiring beyond 36200, need to open the doors for 36500 and beyond. Considering the powerful up move in the last couple of sessions, the low-hanging fruit is currently gone now. Hence, it would be advisable to prevent any aggressive bets for the expiry sessions particularly in Nifty. Rather, one can look to lighten up longs if we attain the vital psychological juncture of 16400-16500.
Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services
Following a breakout on Tuesday, Nifty extended its up move on Wednesday. While it extended its gains, 16200 saw huge Put writing this indicates that industry participants count on Nifty to trade in a variety and not right a great deal. On the other hand, High and close to-related Call OI exists at 16300 and 16400. This indicates that the Nifty may perhaps broadly remain in a variety and take some breather on weekly selections expiry.
Bank Nifty presents a mixed image. While it hit its higher point, Call writing was observed among 36200 and 36400 levels. High Put writing was also witnessed across strikes among 35500 and 36000. Given this F&O reading, it is probably that the Bank Nifty may perhaps probably extend its up move, but broadly remain in a variety with restricted upsides on the weekly selections expiry day.
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