Good morning !!
Derivatives update for Monday, 3rd July 2023.
India VIX was down by 0.83% from 10.89 to 10.80 levels. Volatility is hovering below 11 zones which is supporting the bulls at record high levels.
Nifty *Put/Call Ratio* (OI) increased from 1.41 to 1.58 level.
Since it’s the beginning of the new series, Option data is scattered at various far strikes in monthly series. On weekly front, Maximum Call OI is at 19500 then 19200 strike while Maximum Put OI is at 19000 then 19100 strike. Minor Call writing is seen at 19400 then 19500 strike while Put writing is seen at 19100 then 19000 strike.
*Option data suggests a broader trading range in between 18800 to 19500 zones while an immediate trading range in between 19000 to 19350 zones.*
For weekly Bank Nifty, Maximum Put OI is at 44500 then 43000 strike and maximum Call OI is placed at 44500 then 45000 strike. We have seen minor Call writing at 44800 and Put writing is witnessed at 44500 strike as well.
Bank Nifty Put Call Ratio increased from 1.19 to 1.40. Implied volatility rose from 12.40 to 12.67 levels.
Bank Nifty (CMP 44,747.35)
Data setup for Bank Nifty suggests a trading range in between *44250/44444 to 45000/45250 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 6397 crores while DII’s were net buyers worth 1198 crores. FIIs Index Long Short Ratio increased to 69.21%.
Derivatives data and price set up suggests, Nifty has to continue to hold above 19100 zones to extend the move towards 19300 and 19500 zones while on the downside support exists at 19000 and 18888 zones.
Bank Nifty has to hold above 44500 zones for an up move towards 45000 then new high of 45250 zones while on the downside support is seen at 44444 then 44250 levels.
Thank you. Have a great trading day and weekend ahead..!!
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