Good morning
Derivatives update for Thursday, 8th June 2023.
India VIX was up by 0.55% from 11.38 to 11.44 levels. Volatility sunk below 10 zones during the day but finally closed a tad bit higher but overall comforted the bull for the fresh leg of rally in the index.
Nifty *Put/Call Ratio* (OI) increased from 1.01 to 1.38 level.
On option front, weekly maximum Call OI is at 18800 then 18700 strike while maximum Put OI is at 18600 then 18500 strike. Call writing is seen at 18850 then 18900 strike while Put writing is seen at 18700 then 18650 strike.
*Option data suggests a broader trading range in between 18450 to 18900 zones while an immediate trading range in between 18600 to 18800 zones.*
For weekly Bank Nifty, Maximum Put OI is at 44000 then 44200 strike and maximum Call OI is placed at 44500 then 44300 strike. We have seen Call writing 44500 and Put writing is witnessed at 44300 strike.
Bank Nifty Put Call Ratio decreased from 0.97 to 0.95. Implied volatility rose from 12.6 to 12.7 levels.
Bank Nifty (CMP 44,275.30)
Data setup for Bank Nifty suggests a trading range in between *43750/44044 to 44500/44750 zones.*
Looking ahead at the FII’s derivatives activity, there was long built up in index futures, call buying & put selling in index options and long built up in stock futures.
In the cash market, FIIs were net buyers to the tune of 1383 crores while DII’s were net buyers worth 392 crores. FIIs Index Long Short Ratio increased to 49.51%.
Derivatives data and price set up suggests, Nifty has to continue to hold above 18666 zones to witness an up move towards 18800 and 18888 zones while on the downside support exists at 18636 and 18580 zones.
Bank Nifty has to continue to hold above 44144 zones for an up move towards 44500 then 44750 zones while on the downside support exists at 44044 and 43750 zones.
Thank you. Have a great trading day and expiry ahead..!!
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