Significant call writing buildup is witnessed in 20950 and 21000 strikes, while on the puts front, 20900-20850-20800 witnessed considerable OI additions. Overall, the range for the day could be 20750 on the downside and 21017 on the upside
The Finnifty index must scale over 21,250 to draw bullish momentum. A failure to hold the spot 21,200, the 21,250 CE may see aggressive writing as per analyst.
As general elections near, option prices will likely remain low also due to better price discovery and decoupling from global equities. India has shifted from being a high beta market to now being independent of the US markets.