After three consecutive days of decline, the market is trying to recover today. Nifty is trading around 17750. On the other hand, Bank Nifty is also showing slight gains today. The midcap index is also looking bright. So, we will try to understand through the options data that which range the writers are looking for expiry in the short week of Diwali.
Our Today Expert at CNBC-Awaaz’s Future Express is Jayesh Bhanushali, IIFL Securities. Jayesh also gave a cheap option in this show with his own great calls.
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In the Nifty on November 3, the highest call writing was seen at the level of 18000 and 17900.
Competition between 3 players of the stock market, in which any winning money will become yours
NIFTY CALL (3 NOV) (CONTRACT)
17800 CE OI 91690 OI CHANGE 38251
17900 CE OI 68965 OI CHANGE 21518
18000 CE OI 162086 OI CHANGE 14047
In the Nifty on November 3, maximum put writing was seen at the level of 17500 and 17600.
NIFTY PUT (3 NOV) (CONTRACT)
17800 PE OI 49170 OI CHANGE 23610
17600 PE OI 40530 OI CHANGE 19814
17500 PE OI 54009 OI CHANGE 26646
Bank Nifty saw the highest call writing at the level of 40500 and 40000 in the November 3 series.
NIFTY BANK CALL (3 NOV) (CONTRACT)
39800 CE OI 14444 OI CHANGE 9076
40,000 CE OI 52255 OI CHANGE 24470
40500 CE OI 42901 OI CHANGE 13705
In the Bank Nifty on November 3, the highest put writing was seen at the level of 39000 and 39400.
Even in the ups and downs in the game of share market, 1 player gave 10% return in 4 days, where is the focus today
NIFTY BANK PUT (3 NOV) (CONTRACT)
39500 PE OI 34460 OI CHANGE 17040
39400 PE OI 10043 OI CHANGE 7096
39000 PE OI 43942 OI CHANGE 28776
Jayesh Bhanushali of IIFL Securities on Nifty and Bank Nifty
Giving opinion on the market, Jayesh Bhanushali of IIFL Securities said that the candle stick chart has been made in Nifty last week, it remains bearish if you will see in February 2021 such a bearish candle stick chart was made in which both Nifty and Bank Nifty were bearish.
He further said that if we look at the history of this bearish candle stick chart, at that time Nifty had traded in a range for 2 months. Looking at this bar chart, range bound consolidation is seen in Nifty. Hence a bounce can be seen in Nifty and it can show the level of 17900 to 18000. Hence, dips in Nifty will be a buying sentiment. If Nifty moves to the level of 17700 or 17650, then it should be bought.
Talking about Bank Nifty, a bearish chart has also been made in this and it is working around 39000 after coming down from the level of 42000. But we believe that in this month 40000 levels can be seen. Therefore, it would be advisable to adopt the strategy of buy on dips for the target of 40000.
Today’s Trades by Jayesh Bhanushali of IIFL Securities
GRASIM NOV FUT: Buy Rs-1775.55, Stop Loss Rs-1725, Target Rs-1850
VOLTAS NOV FUT: Buy Rs-1216.35, Stop Loss Rs-1190, Target Rs-1250-1260
Today’s Cheapest Option: JSPL
Jayesh Bhanushali said that good recovery is being seen in the metal. Therefore, buy its November series call option with strike price of Rs.450 at Rs.18 level. In this, targets of Rs 28 to Rs 34 will be seen. Put a stop loss at the level of Rs 14 in this.
(Disclaimer: The views and investment advice given on moneycontrol.com are the personal views and opinions of investment experts. Moneycontrol advises users to consult a certified expert before making any investment decision.)
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