Nifty Put News Today

Nervousness on Dalal Street as Nifty bulls debate Sell in May and go away. Positive April returns trigger unease. US Fed meeting hints at rate cut projection. Analysts advise capitalizing on Nifty dips for buying opportunities.

Indian shares rose on Monday as gains in the second-largest private lender ICICI Bank on better-than-expected quarterly profit spurred a rise in heavyweight financials.

Analysis of Nifty Put options indicates a concentration of Open Interest (OI) at the 22,500 level, suggesting potential support. On the Call side, significant OI concentrations are observed at the 22,900 and 23,000 levels, nearing all-time highs.

Sensex on Thursday surged 487 points to settle at 74,339. NSE Nifty advanced 168 points to close at 22,570. Nifty formed a bullish engulfing candle following a series of small candles

Going ahead, 22,500 level remains a significant resistance on the monthly expiry day, but a sustained trade above 22,500-22,550 could trigger further upward movement, potentially driven by contract adjustments.

If the index manages to sustain above 22,500, the market could even reach new all time highs in the near term.

Nifty on Monday ended 189 points higher to form a long-legged Doji candle pattern on the daily chart as it managed to move above the initial hurdle at 22,300 levels.

The options data suggests that the trading range for todays expiry is between 19,700 and 20,000. Nifty Put options OI concentration is the highest at 19,500 followed by 19,600 and 19,800 which are likely to act as support with the highest writing at 19,800 and 19,700 strikes.

As for the Bank Nifty which had a weekly expiry on Wednesday, the series witnessed short covering with an increase in price of 3.87% and decrease in OI by 16% where there was shedding of over 4 lakh shares in OI, decreasing from 25.17 lakh to 21.15 lakh shares. The Bank Nifty August series rollover stands at 17%.

Krishnan sees a strong support at 19,300 with the sheet anchor lying around the 19,250-19,200 zone and 19,500 acting as a strong resistance and only a decisive breakthrough will re-strengthen the undertone in his opinion.