Good morning !!
Derivatives update for Tuesday, 27th June 2023.
India VIX was up by 1.38% from 11.24 to 11.39 levels. Volatility was slightly on the rise but overall lower levels is keeping the market choppy in a smaller range.
Nifty *Put/Call Ratio* (OI) remained unchanged at 0.93 level.
On option front, monthly maximum Call OI is at 18800 then 18700 strike while maximum Put OI is at 18700 then 18600 strike. Call writing is seen at 18700 then 18950 strike while Put writing is seen at 18600 then 18650 strike.
*Option data suggests a shift in lower trading range in between 18500 to 19000 zones while an immediate trading range in between 18550 to 18800 zones.*
For weekly Bank Nifty, Maximum Put OI is at 43500 then 43000 strike and maximum Call OI is placed at 44000 then 45500 strike. We have seen minor Call writing at 44200 and Put writing is witnessed at 43600 strike.
Bank Nifty Put Call Ratio decreased from 0.88 to 0.84. Implied volatility fell from 11.69 to 12.26 levels.
Bank Nifty (CMP 43,641)
Data setup for Bank Nifty suggests a trading range in between *43250/43333 to 43800/44044 zones.*
Looking ahead at the FII’s derivatives activity, there was long built up in index futures, call & put selling in index options and short covering in stock futures.
In the cash market, FIIs were net sellers to the tune of 409 crores while DII’s were net buyers worth 250 crores. FIIs Index Long Short Ratio decreased to 53.26%.
Derivatives data and price set up suggests, Nifty has to hold above 18666 zones to witness an up move towards 18750 then 18888 zones while on the downside support exists at 18550 and 18500 zones.
Bank Nifty has to continue to hold above 43500 zones for a bounce towards 43800 then 44044 zones while a hold below the same could see some weakness towards 43333 and 43250 marks.
Thank you. Have a great trading day ahead..!!
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