Good morning !!
Derivatives update for Thursday, 6th July 2023.
India VIX was up by 1.56% from 11.70 to 11.88 levels. Volatility was on the rise and made the index consolidate in a range with slight profit booking.
Nifty *Put/Call Ratio* (OI) decreased from 1.47 to 1.37 level.
On weekly front, Maximum Call OI is at 19500 then 19400 strike while Maximum Put OI is at 19300 then 19000 strike. Call writing is seen at 19500 then 19550 strike while Put writing is seen at 19350 then 19400 strike.
*Option data suggests a broader trading range in between 19100 to 19600 zones while an immediate trading range in between 19250 to 19500 zones.*
For weekly Bank Nifty, Maximum Put OI is at 45000 then 44500 strike and maximum Call OI is placed at 46500 then 45500 strike. We have seen Call writing at 47000 with unwinding at 45300 and Put writing is witnessed at 45000 strike.
Bank Nifty Put Call Ratio decreased from 1.38 to 1.08. Implied volatility fell from 14.2 to 14 levels.
Bank Nifty (CMP 45,151.80)
Data setup for Bank Nifty suggests a trading range in between *44750/45000 to 45500/45650 zones.*
Looking ahead at the FII’s derivatives activity, there was long built up in index futures, call selling and put unwinding in index options and long built up in stock futures.
In the cash market, FIIs were net buyers to the tune of 1603 crores while DII’s were net sellers worth 439 crores. FIIs Index Long Short Ratio increased to 72.39%.
Derivatives data and price set up suggests, Nifty has to continue to hold above 19300 zones to extend the move towards 19450 and 19500 zones while on the downside support is intact at 19250 and 19100 zones.
Bank Nifty has to continue to hold above 45000 zones for an up move towards 45500 then its recent life high of 45650 zones while on the downside support shift higher at 45000 then 44750 levels.
Thank you. Have a great trading day and weekly expiry ahead..!!
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