Derivative View for Weekly Expiry – Nov 11, 2021
November 11 2021 | Reading Time: 5 Minutes
Indian benchmark indices may open on a negative note today. At 8:15 am IST, SGX Nifty Futures was trading at 17,953, compared with Nifty’s close of 18,017 yesterday, indicating a negative opening for the bourses.
Nifty Futures – LTP 18,022.95
Nifty closed in the red yesterday and traded in negative territory for the most part of the session. It has formed another bearish candle and is hovering at its 21-DMA on the daily chart. The momentum indicator RSI plotted on the daily chart has tilted slightly toward the side and is currently placed at 53. Yesterday, Nifty formed lower highs and lower lows on the daily chart.
On the options data front, PCR for monthly contracts expiring November 11 stands at 0.72. From the OI data for weekly contracts expiring on November 11, maximum Call OI built up was seen for 18,200 strike price, followed by 18,100 strike price, which amounts to 132.67 lakh contracts and 118.95 lakh contracts, respectively. Likewise, maximum Put OI built up was seen for 17,900 strike price, followed by 17,800 strike price, which amounts to 94.91 lakh contracts and 69.71 lakh contracts, respectively.
After considering the above points, we expect the index to be volatile with a negative bias. Sustainable trading below 18,000 may open a negative window towards 17,850–17,800 in today's trading session.
Bank Nifty Futures: LTP – 39,120.6
Bank Nifty has gradually declined in the past three days and formed three consecutive bearish candles on the daily chart. This major sectoral index is now trending below its 21-DMA along with negative RSI and MACD crossover.
On the options data front, PCR for contracts expiring November 11 stands at 0.57. From the OI data perspective for weekly contracts expiring on November 11, maximum Call OI built up was seen for 39,500 strike price, followed by 40,000 strike price, which amounts to 112.41 lakh contracts and 111.10 lakh contracts, respectively. Likewise, maximum Put OI built up was seen for 38,500 strike price, followed by 38,000 strike price, which amounts to 81.001 lakh contracts and 63.74 lakh contracts, respectively.
After considering the above technical parameters and option data, this major sectoral index is trading with a negative bias and we expect sustainable trading below 39,000 may lead this index toward 38,400–38,200 in a day or two.
Bullish setup in stocks: Manappuram finance , Pvr, Titan, BataIndia, and TataMotors among others.
Bearish setup in stocks: Indian Oil, Escorts, Aplembic Pharmaceuticals, REC, FirstSource Solutions, and Info Edge (India), among others.
Nifty Futures – LTP 18,022.95
Nifty closed in the red yesterday and traded in negative territory for the most part of the session. It has formed another bearish candle and is hovering at its 21-DMA on the daily chart. The momentum indicator RSI plotted on the daily chart has tilted slightly toward the side and is currently placed at 53. Yesterday, Nifty formed lower highs and lower lows on the daily chart.
On the options data front, PCR for monthly contracts expiring November 11 stands at 0.72. From the OI data for weekly contracts expiring on November 11, maximum Call OI built up was seen for 18,200 strike price, followed by 18,100 strike price, which amounts to 132.67 lakh contracts and 118.95 lakh contracts, respectively. Likewise, maximum Put OI built up was seen for 17,900 strike price, followed by 17,800 strike price, which amounts to 94.91 lakh contracts and 69.71 lakh contracts, respectively.
After considering the above points, we expect the index to be volatile with a negative bias. Sustainable trading below 18,000 may open a negative window towards 17,850–17,800 in today's trading session.
Bank Nifty Futures: LTP – 39,120.6
Bank Nifty has gradually declined in the past three days and formed three consecutive bearish candles on the daily chart. This major sectoral index is now trending below its 21-DMA along with negative RSI and MACD crossover.
On the options data front, PCR for contracts expiring November 11 stands at 0.57. From the OI data perspective for weekly contracts expiring on November 11, maximum Call OI built up was seen for 39,500 strike price, followed by 40,000 strike price, which amounts to 112.41 lakh contracts and 111.10 lakh contracts, respectively. Likewise, maximum Put OI built up was seen for 38,500 strike price, followed by 38,000 strike price, which amounts to 81.001 lakh contracts and 63.74 lakh contracts, respectively.
After considering the above technical parameters and option data, this major sectoral index is trading with a negative bias and we expect sustainable trading below 39,000 may lead this index toward 38,400–38,200 in a day or two.
Bullish setup in stocks: Manappuram finance , Pvr, Titan, BataIndia, and TataMotors among others.
Bearish setup in stocks: Indian Oil, Escorts, Aplembic Pharmaceuticals, REC, FirstSource Solutions, and Info Edge (India), among others.
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