Good morning !!
Derivatives update for Wednesday, 21st June 2023.
India VIX was down by 0.78% from 11.22 to 11.13 levels. Volatility fell and comforted the bulls at support zones. It has been hovering in a small range from the last few weeks.
Nifty *Put/Call Ratio* (OI) increased from 0.98 to 1.16 level.
On option front, weekly maximum Call OI is at 19000 then 18900 strike while maximum Put OI is at 18700 then 18800 strike. Call writing is seen at 18950 then 19000 strike while Put writing is seen at 18800 then 18700 strike.
*Option data suggests a shift in broader trading range in between 18550 to 19000 zones while an immediate trading range in between 18650 to 18900 zones.*
For weekly Bank Nifty, Maximum Put OI is at 43500 then 43400 strike and maximum Call OI is placed at 44000 then 45000 strike. We have seen minor Call writing at 44300 with unwinding at 43700 and Put writing is witnessed at 43500 strike.
Bank Nifty Put Call Ratio increased from 0.75 to 0.92. Implied volatility fell from 12.8 to 12.7 levels.
Bank Nifty (CMP 43,766.50)
Data setup for Bank Nifty suggests a trading range in between *43333/43500 to 44044/44250 zones.*
Looking ahead at the FII’s derivatives activity, there was short covering in index futures, position unwinding in index options and short built up in stock futures.
In the cash market, FIIs were net sellers to the tune of 1943 crores while DII’s were net buyers worth 1973 crores. FIIs Index Long Short Ratio increased to 52.02%.
Derivatives data and price set up suggests, Nifty has to hold above 18777 zones to witness an up move towards 18888 and 19000 zones while on the downside support exists at 18710 and 18666 zones.
Bank Nifty has to hold above 43750 zones for a bounce toward 44044 then 44250 zones while on the downside support 43500 then 43333 marks.
Thank you. Have a great trading day ahead..!!
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