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The Nifty future closed positive with gains of 0.55% at 23862 levels on Wednesday. On the options front, the maximum Call OI is placed at 24000 and then towards 24,200 strikes while the maximum Put OI is placed at 23,500 and then towards 23,700 strikes.
Call writing is seen at 23,900 and then towards 24,100 strikes while Put writing is seen at 23,800 and then towards 23,700 strikes.
“Options data suggests a broader trading range in between 23,700 to 24,000 zones,” says Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited.
FIIs sold to the tune of Rs 3,535.43 cr while DIIs bought to the tune of Rs 5,103.67 cr in the cash segment of Indian equity markts.
FIIs' Long short ratio for index futures is at 66.94 as on a net basis, they bought 6,1955 index futures, data showed.
“The Nifty index is likely to continue its northward journey and test the psychological level of 24,000 and move towards 24,300,” says Sudeep Shah, Deputy Vice President and head of Technical and Derivative Research, SBI Securities.
“While, on the downside, the support has now shifted higher in the zone of 23,730-23,770 level. On the derivative front, June futures has gained by 0.58%, and the cumulative Open Interest of current, next, and far series has surged by 3.70%, which indicates overall long build-up,” he said.
Among the constituents of the Nifty index, 14 stocks have witnessed long build-up, and 11 stocks have witnessed short covering rally. While 13 stocks have witnessed short build-up, and 12 stocks have
