Intraday Outlook: Buy Bank Nifty in the range of 42550-42600
Nifty F&O View:
The Nifty opened higher but aggressive Call writing positions in 18300 strike Calls dominated and forced index to give up its gains from higher levels. However, broader market outperformed Nifty as both smallcap and midcap indices closed with decent gains. We expect if index sustain above 18300 levels than a leg of short covering is expected.
Sell Nifty 18100 Put option (December 1 expiry) in the range of Rs 44-46 Target: Rs 20 Stop loss: Rs 57
Bank Nifty F&O View:
The Bank Nifty outperformed Nifty and closed with a gain of 272 points. All the 12 components of Bank Nifty closed in green. According to option data, 42500 Call strike witnessed unwinding while simultaneously 42500 Put strike witnessed aggressive OI addition. Hence, we expect Bank Nifty to continue its positive momentum.
Buy Bank Nifty future in the range of 42550-42600 Target: 42850-42950 Stop loss: 42350
Date | Stock | Action | Initiation Range | Target | Stoploss | Time Frame |
24-Nov-22 | Nifty 18100 Call | Buy | 44.0-46.0 | 20.0 | 57.0 | Intraday |
24-Nov-22 | Bank Nifty | Buy | 42550.0-42600.0 | 42850.0-42900.0 | 42150.0 | Intraday |