Nifty & Banknifty Options Strategy for 13th October 2020
The market gave a thumbs down to the second stimulus package announced by the FM on Monday, Nifty which crossed the psychological level of 12000 intraday saw profit booking to end at 11930. After the failure of its delisting proposal Vedanta’s share saw huge profit booking to end at 96.95 down 20.68%.
Bank Nifty ended its continuous outperformance to end the day in the red. The index crossed 24000 intraday but saw profit-taking to end at 23,712 down 134 points. ICICI Bank was the top gainer while Bank of Baroda was the top loser. Options data in Bank Nifty suggests 24000 to be the major hurdle that holds the highest OI of 10,79,500 and any decisive move above 24000 will propel Bank Nifty towards 24200 and 24500. Support for Bank Nifty is placed at 23 500 and 23000 which holds the highest OI of 7,48,275.
Infosys was the top gainer while Bharti Airtel continued its downward trend, the share was the top loser in Monday’s trading session. ITC after a rating upgrade from CLSA rose 2.74%. We had also advised a buy on ITC share click here. Options data in Nifty suggests,12000, still is a major hurdle while there is call writing at levels of 12100,12200,12300 and 12500 which holds the highest OI of 36,19,275. Any decisive move over 12000 will take nifty to 12100 and further. Support for Nifty is placed at 11800 and 11700 while 11600 and 11500 which holds the highest OI of 23.64.675.
FII’s net buying in Cash was 615.17 crores while DII”S net seeling in cash was 1028.77 crores. Wipro to announce its Q2 numbers tomorrow.