On the weekly F&O expiry day, Nifty 50 is probably to hit the 16,000-mark when Bank Nifty could possibly surpass 36,200 level. Analysts count on a breakout from consolidation in Nifty and see the achievable trading variety of 15,800-16,000 in the index. Ahead of weekly selections expiry, Nifty 50 made a record closing higher of 15,879.65, when Bank Nifty ended more than half a per cent larger at 35,771.30 levels. India VIX, the volatility index, cooled off half a per cent to settle at 12.21 levels on Wednesday.
Check LIVE costs: Nifty 50
On Nifty selections, the maximum Call OI is at 16,000 strike with 90,361 contracts, followed by 15,900 strike cost. While maximum Put OI is at 15,800, followed by 15,700. Call writing was seen at 16,one hundred and 15,950 strikes, when Put writing was seen at 15,800, then 15,750 level strikes. Call unwinding was at 16,200 and 16,050 strikes and place unwinding was seen at 15,200. For Bank Nifty selections, the highest open interest on the contact side in the weekly expiry is at 36,000, followed by 36,500 strike when the highest OI on the place side is at 35,000-35,500 strike.
Vinay Rajani, Senior Technical & Derivative Analyst, HDFC Securities
On 7 July 2021, Nifty closed at the all time higher level of 15879, with a achieve of more than 60 points. Nifty has been witnessing place writing at 15700 strike for last handful of days and 20 days EMA is also placed at 15700 odd levels. So the significance of 15700 as help in Nifty is higher. Bank Nifty has closed at the highest point considering that 9 March 2021. In the July series, we have seen Bank Nifty outperforming Nifty and we count on it to continue from right here as properly. Put Call ratio is placed at 1.25 odd levels, which can be viewed as on the decrease side. As far as weekly expiry is concerned, we count on the Nifty to break out from consolidation, which was held for the preceding 5 weeks. Nifty is anticipated to close above 16000, when Bank Nifty could settle above 36200 levels in 8 July weekly expiry. Traders must adopt a extended method for tomorrow’s expiry.
Rajesh Palviya, Vice President, Research (Head Technical & Derivatives), Axis Securities
Nifty as per the provisional information has witnessed Long Build Up with a cost achieve of .40% and improve in OI of 1.22 lakh shares compared with Tuesday, when Bank Nifty has also seen Short Covering with cost achieve of .61% & OI shedding of .26 lakh shares. The sentiment indicator Computer Ratio (Nifty) is at present trading at 1.25 above the median line indicating positive bias. Nifty highest OI on the Contact side in the weekly expiry scheduled on 8 July 2021, is at 16,000 (67.78 lakh) & 16100 (43.80 lakh) strikes respectively wherein writing of 9.45 lakh shares was witnessed at 16100 strike & unwinding of 8.96 lakh shares was seen at 16200 strike indicating sturdy resistance zone at 16100, when on the Place side highest OI is at 15,700 (55.43 lakh) & 15,800 (64.33 lakh) strikes wherein writing of 29.45 lakh & 14.12 lakh share was seen indicating a sturdy help zone. So the most probable variety for the weekly expiry is probably to be amongst 16,one hundred to 15,700.
In Bank Nifty the highest OI on the Contact side in the weekly expiry is at 36,000 (18.96 lakh), 36,500(12.89 lakh) & 37,000(12.06 lakh) strike when on the Put side highest OI is at 35,000 (18.79 lakh) & 35,500 (15.19 lakh) strike, with 35900 acting as a pivotal level for this weekly expiry as there has been an addition of 2.59 lakh shares on Contact side & 1.49 lakh addition on Place side suggesting that any sustained move on either side of this level will determine the trend in Bank Nifty. While on the writing front 35700 place has seen writing of 8.48Lac shares followed by 35600 place writing of 4.46 lakh shares indicating a sturdy help zone all round variety for Bank Nifty is probably to be amongst 35300-35000 to 36000-36300.
Sameet Chavan, Chief Technical Analyst, Angel Broking
Nifty began the week on a positive note, but once again it faced resistance close to the 15900 mark on Tuesday. Although we saw some tug of war amongst the bulls and the bears, the bulls clearly look to have an upper hand as declines are obtaining purchased into. As far as derivatives activity is concerned, we did not see any substantial addition in Nifty this week, but the Bank Nifty witnessed brief covering which led to its relative outperformance. FIIs formed mixed positions in the index futures, but the majority of their net positions continue to be on the extended side. We witnessed fantastic stock-certain action through the week and a lot of heavyweights as well saw purchasing interest ahead of the weekly expiry. Hence, it appears the market place is now geared up for the next leg of up move post this current consolidation. In the selections segment, highest open interest is seen at 15800 place and 16000 contact which are the levels to watch for the expiry day. Considering all this proof, we count on positive momentum on the expiry day and therefore, intraday traders must look to acquire at-the-cash contact choice if Nifty trades about 15850-15870. Looking at the closing momentum today, we count on Nifty to register a new higher on the weekly expiry and you under no circumstances know if banking heavyweights carry out properly, we even may possibly see Nifty reaching the magical figure of 16000 tomorrow itself.
Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services
Wednesday’s session saw Place writing taking place at 15750 and 15800 levels. The 15800 Place not only saw OI addition but this level holds the maximum Place Open Interest. The strike of 16000 continues to hold maximum Call OI followed by 15900 which holds the second-highest accumulation of Call OI. So, as per present information, the NIFTY has shown a achievable trading variety of 15800-16000 tomorrow. So, it can pretty be presumed that the NIFTY’s behavior against the cost levels of 15900 would be essential and may possibly serve as an inflection point unless a tactical shift in the OI happens.
(The suggestions in this story are by the respective investigation analysts and brokerage firms. TheSpuzz Online does not bear any duty for their investment assistance. Capital markets investments are topic to guidelines and regulations. Please seek advice from your investment advisor just before investing.)