Nifty & Banknifty OI Data for 14th October 2020

Nifty closed in the green for the 9th consecutive session. The index opened at 11934 hit a high of 11988 but profit-booking forced the Index down to 11888 before closing flat with a rise of 3 points. INFY, Reliance, and Kotak Bank were instrumental in giving support to the Index, Pharma saw profit booking in today’s session.

Options data suggests resistance at 12000 strike which holds the OI of 30,49,425 and,12500 which holds the highest OI of 37,45,125. Nifty will find support at levels of 11900 which holds the highest OI of 21,59,700 and 11800 which holds the highest OI of 24,82,725.

Bank Nifty was under pressure for the second straight session and closed in the red with a loss of 220 points. The Index closed at 23492 down 0.93%. Kotak and IDFC banks were the gainers. Options data suggests 24000 to be a major hurdle with the highest OI of 11,67,850 any decisive move above 24000 will push the banking index to 24500.

Support for Bank Nifty is at 23500 levels with an OI of 7,82,100 and any decisive move below this level will indicate a breakdown which will take Bank Nifty to levels of 23000 FII’S net purchase in the cash market was 832.14 crores while DII’S net sell was 1674.46 crores. Wipro has announced a share buyback of 9500 at a price of Rs 400. Infosys and Tata Elixsi to announce their Q2 results on Wednesday.

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