Good morning !!
Derivatives update for Thursday, 1st June 2023.
India VIX was down by 0.31% from 12.01 to 11.97 levels. Volatility hovered around the same range giving some comfort to the bulls to buy at any small decline.
Nifty *Put/Call Ratio* (OI) decreased from 1.32 to 0.99 level.
On option front, weekly Maximum Call OI is at 18600 then 18700 strike while Maximum Put OI is at 18500 then 18400 strike. Call writing is seen at 18600 then 18500 strike while Put writing is seen at 18500 then 18350 strike.
*Option data suggests a broader trading range in between 18300 to 18800 zones while an immediate trading range in between 18450 to 18700 zones.*
For weekly Bank Nifty, Maximum Put OI is at 43500 then 44000 strike and maximum Call OI is placed at 44500 then 45000 strike. We have seen significant Call writing 44200 and Put writing is also witnessed at 43500 with significant unwinding at 44500 strike.
Bank Nifty Put Call Ratio decreased from 1.22 to 0.82. Implied volatility rose from 13.41 to 13.43 levels.
Bank Nifty (CMP 44,128.15)
Data setup for Bank Nifty suggests a trading range in between *43600/43850 to 44500/44750 zones.*
Looking ahead at the FII’s derivatives activity, there was long liquidation in index futures, call & put buying in index options and short built up in stock futures.
In the cash market, FIIs were net buyers to the tune of 3406 crores while DII’s were net sellers worth 2529 crores. FIIs Index Long Short Ratio decreased to 53.92%.
Derivatives data and price set up suggests, Nifty has to hold above 18500 zones, for an up move towards 18666 and 18888 zones while on the downside support exists at 18442 and 18333 zones.
Bank Nifty has to continue to hold above 44144 zones for an up move towards 44500 then new life high of 44750 zones while on the downside support exists at 43850 then 43600 zones.
Thank you. Have a great trading day and weekly expiry ahead..!!
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