Nifty & Banknifty OI Data for 6th October 2020
Led by IT giant TCS and supported by heavyweights Sun Pharma ICICI HDFC Bank and Infosys Nifty rose 86 points to close at 11503.
Options call data indicates heavy writing at strikes of 11500 (2149650-OI), 11600 (2635659),11700 (2309400-OI), and highest at 11800 (3160350).
Put writers were active in the strikes of 11100 (1796550-OI), 11200 (2218725-OI),11400 (2009325-OI), and highest at 11000 (2283000-OI).
The data suggests 11500 will be a crucial level and if Nifty sustains above 11500 decisively then we can see levels of 11600 and further on the downside the Nifty will find support at every 100 points.
Options stats for Bank Nifty suggests call writing at, 23500 (612650), 24000 (559800-OI) 24200 (523100-OI), and highest at 23000 (878925-OI).
Put writers were active in the strikes of 20000 (369475-OI), 21500 (503300-OI), 21000 (676950-OI), and highest at 22000 (679275-OI). The broad range for Bank Nifty is a big 1000 points with major resistance at 23000 and major support at 22000.
If Bank Nifty continues its momentum and is able to trade above 23000 short-covering could propel it towards 23500.
Expectations of strong numbers from IT giant TCS and other IT majors, the hope of Reliance gaining momentum, pharma once again gaining steam and banks catching up we could see bulls extending their grip on the equity markets on Tuesday