Mumbai: After rallying nearly 3,000 points on Wednesday, the BSE Sensex dropped 356.07 points to 77,211.59 in early trade on Thursday. The NSE Nifty declined 78.85 points to 23,925.15.
Nifty Put/Call Ratio remain unchanged at 1.13 level
IIFL Securities said, on option front, Maximum Call OI is at 25000 then 24500 strike while Maximum Put OI is at 23000 then 23900 strike. Call writing is seen at 25000 then 24500 strike while Put writing is seen at 23900 then 24000 strike.
Option data suggests a broader trading range in between 23500 to 24500 zones while an immediate range between 23800 to 24300 levels.
For Monthly Bank Nifty, Maximum Put OI is at 55000 and then 56000 strike and maximum Call OI is placed at 57000 then 56000 strike. We have seen Call writing at 57000 strike while Put writing is witnessed at 56000 strike.
Bank Nifty (CMP 55703)
Data setup for Bank Nifty suggests a trading range in between 55000 to 57000.
Derivatives data and price set up suggests, Nifty has to hold above 23800 zones for an up move towards 24400 then 24600 zones while supports have shifted higher to 23800 then 23600 zones.
Bank Nifty has to hold above 55500 zones for an up move towards 56250 then 57000 levels while on the downside support is seen at 55250 then 55000 levels, the trading firm stated.
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