F&O Radar| Deploy Bear Put Spread in Nifty to gain from bearish stance, market volatility
Nifty Index opened flattish on Tuesday but bears were in full control right from the beginning of the session. The selling intensity increased in the second half and the index broke 24,450 zones.
It formed a bearish candle on a daily frame and closed below 24,500 zones with losses of around 310 points.
“Now, till it (the index) holds below 24,500 zones, weakness could be seen towards 24,350 and then 24,200 zones, whereas hurdles are placed at 24,750 and then 24,850 zones,” said Chandan Taparia, Senior VP, Equity Derivatives & Technicals, Wealth Management at Motilal Oswal.
On the option front, the maximum Call OI is at 25,000 then 25,200 strike while the maximum Put OI is at 24,000 then 23,500 strike. Call writing is seen at 24,600 then 24,700 strike while Put writing is seen at 24,400 then 24,300 strike.
“Option data suggests a broader trading range between 24,000 to 25,000 zones and an immediate range between 24,300 to 24,700 levels,” Taparia added.
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