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The Nifty future closed positive with gains of 1.90% at 23,334 levels on Tuesday. The India VIX was slightly up by 0.48% from 16.55 to 16.88 levels.
On the options front, the weekly maximum Call OI is at 24000 and then towards 23500 strikes while the maximum Put OI is placed at 23000 and then towards 22800 strikes.
Call writing is seen at 23700 and then towards 23500 strikes while Put writing is seen at 23000 and then towards 23200 strikes.
“Options data suggests a broader trading range in between 22500 to 23700 zones while an immediate range between 23000 to 23500 levels,” says Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited.
FIIs sold shares worth Rs 111.04 crore, while DIIs bought to the tune of Rs 3193.29 cr in the cash segment of Indian equity markets on Tuesday.
FIIs' Long Short ratio for index futures is at 36.61 as on a net basis, they bought 18140 index futures, data showed.
“For the weekly expiry, OI #PCR is at 0.89 and max pain is at 23200 strike. While, for June expiry OI PCR is at 1.11,” says Sudeep Shah, Deputy Vice President and head of Technical and Derivative Research, SBI Securities.
“For the day, the zone of 23100-23070 will act as immediate support for the index. Any sustainable move below the level of 23070 will lead to further profit booking in the index upto 22,950 level,” he said.
“While, on the upside, the zone of 23360-23380 will act as an immediate hurdle for the index. Any sustainable move above the level of 23380 will lead to a sharp upside
