Derivative View for Weekly Expiry – September 02, 2021
September 02 2021
Indian benchmark indices may open on a positive note today. At 8:15 am IST, SGX Nifty Futures was trading at 17,115 compared with Nifty’s close of 17,076 yesterday, indicating a flat-to-positive opening for the bourses.
Nifty Futures – LTP 17,096
Nifty touched an all-time high at 17,225 and witnessed some profit booking at higher level. It has formed a small bearish candle on the daily chart. Currently, the index is trading above its all key moving averages on multi time frame chart with positive bias and there is no sign of weakness.
On the options data front, PCR for weekly contracts expiring September 2 stands at 0.93. From the OI data perspective for weekly contracts expiring September 2, maximum Call OI built up was seen for 17,200 strike price, followed by 17,500 strike price, which amounts to 140.36 lakh contracts and 111.47 lakh contracts, respectively. Likewise, maximum Put OI built up was seen for 17,000 strike price, followed by 16,900 strike price, which amounts to 114.22 lakh contracts and 86.19 lakh contracts, respectively. The volatility Index, India Vix, rose to 14.19.
After considering the above technical and options data, the index is in a bullish trend and we advise our subscribers to follow “buy on dips” strategy. Further, it may face strong resistance in the range of 17,200–17,300.
BankNifty Futures: LTP – 36,699
Bank Nifty is trending higher from the past five days and is closing on a positive note. On August 30, the index formed a big bullish candle on the daily chart and turned the sentiment positive. Even momentum indicator RSI is trending higher with positive bias and MACD also got a positive cross over on August 30, which indicates some buying interest in this space, which was underperforming Nifty50 for a long time. Currently, Bank Nifty is trading above its all key moving averages on multi time frame chart with positive bias.
On the options data front, PCR for contracts expiring September 2 stands at 0.96. From the OI data perspective for weekly contracts expiring on September 2, maximum Call OI built up was seen for 38,000 strike price, followed by 37,000 strike price, which amounts to 82.87 lakh contracts and 82.10 lakh contracts, respectively. Likewise, maximum Put OI built up was seen for 36,500 strike price, followed by 36,000 strike price, which amounts to 71.06 lakh contracts and 61.15 lakh contracts, respectively.
After considering the above technical and options data, we expect the index to trade in the range of 36,200–37,000. Hence, we advise our subscribers to take a cautious approach while trading this index.
Bullish setup in stocks such as, HAVELLS, GODREJPROP, UBL, DLF, TATAPOWER among others.
Bearish setup in stocks such as JINDALSTEL, JSWSTEEL, NMDC, MARUTI among others.
Nifty Futures – LTP 17,096
Nifty touched an all-time high at 17,225 and witnessed some profit booking at higher level. It has formed a small bearish candle on the daily chart. Currently, the index is trading above its all key moving averages on multi time frame chart with positive bias and there is no sign of weakness.
On the options data front, PCR for weekly contracts expiring September 2 stands at 0.93. From the OI data perspective for weekly contracts expiring September 2, maximum Call OI built up was seen for 17,200 strike price, followed by 17,500 strike price, which amounts to 140.36 lakh contracts and 111.47 lakh contracts, respectively. Likewise, maximum Put OI built up was seen for 17,000 strike price, followed by 16,900 strike price, which amounts to 114.22 lakh contracts and 86.19 lakh contracts, respectively. The volatility Index, India Vix, rose to 14.19.
After considering the above technical and options data, the index is in a bullish trend and we advise our subscribers to follow “buy on dips” strategy. Further, it may face strong resistance in the range of 17,200–17,300.
BankNifty Futures: LTP – 36,699
Bank Nifty is trending higher from the past five days and is closing on a positive note. On August 30, the index formed a big bullish candle on the daily chart and turned the sentiment positive. Even momentum indicator RSI is trending higher with positive bias and MACD also got a positive cross over on August 30, which indicates some buying interest in this space, which was underperforming Nifty50 for a long time. Currently, Bank Nifty is trading above its all key moving averages on multi time frame chart with positive bias.
On the options data front, PCR for contracts expiring September 2 stands at 0.96. From the OI data perspective for weekly contracts expiring on September 2, maximum Call OI built up was seen for 38,000 strike price, followed by 37,000 strike price, which amounts to 82.87 lakh contracts and 82.10 lakh contracts, respectively. Likewise, maximum Put OI built up was seen for 36,500 strike price, followed by 36,000 strike price, which amounts to 71.06 lakh contracts and 61.15 lakh contracts, respectively.
After considering the above technical and options data, we expect the index to trade in the range of 36,200–37,000. Hence, we advise our subscribers to take a cautious approach while trading this index.
Bullish setup in stocks such as, HAVELLS, GODREJPROP, UBL, DLF, TATAPOWER among others.
Bearish setup in stocks such as JINDALSTEL, JSWSTEEL, NMDC, MARUTI among others.
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