Good morning !!
Derivatives update for Wednesday, 31st May 2023.
India VIX was down by 2.36% from 12.29 to 12.01 levels. Volatility was down thus giving some comfort to the bulls to buy at any small decline at record high index levels.
Nifty *Put/Call Ratio* (OI) marginally decreased from 1.33 to 1.32 level.
On weekly front, Maximum Call OI is at 18800 then 18700 strike while Maximum Put OI is at 18300 then 18600 strike. Minor Call writing is seen at 18850 then 18650 strike while Put writing is seen at 18600 then 18650 strike.
*Option data suggests a broader trading range in between 18400 to 18800 zones while an immediate trading range in between 18500 to 18750 zones.*
For weekly Bank Nifty, Maximum Put OI is at 44500 then 44000 strike and maximum Call OI is placed at 44500 then 46000 strike. We have seen Call writing 44500 and Put writing is also witnessed at 44500 strike.
Bank Nifty Put Call Ratio increased from 1.10 to 1.22. Implied volatility fell from 13.9 to 13.4 levels.
Bank Nifty (CMP 44,436.35)
Data setup for Bank Nifty suggests a trading range in between *44000/44144 to 44750/45000 zones.*
Looking ahead at the FII’s derivatives activity, there was long built up in index futures, position unwinding in index options and short built up in stock futures.
In the cash market, FIIs were net buyers to the tune of 2086 crores while DII’s were net sellers worth 439 crores. FIIs Index Long Short Ratio increased to 60.77%.
Derivatives data and price set up suggests, Nifty has to hold above 18550 zones, for an up move towards 18750 and 18888 zones while on the downside support exists at 18550 and 18442 zones.
Bank Nifty has to continue to hold above 44144 zones for an up move towards 44750 then new life high of 45000 zones while on the downside support exists at 44144 then 44000 zones.
Thank you. Have a great trading day ahead..!!
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