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Analysis of OI data reveals that the call side exhibited the highest OI at the 23,000 strike price, followed by 23,500 strike prices, whereas on the put side, the highest OI was observed at the 22,500 strike price.
After gyrating between gains and losses during the day, the 30-share BSE Sensex ended 0.29% lower at 75,170.45. Nifty formed a bearish candle on the daily scale. The index is trading above its key moving average supports and the RSI on the daily chart is positive.
The Indian benchmark indices are expected to witness a gradual upward movement in the coming week after the strong performance last week which closed on a flye
The immediate supports for the Nifty index are placed around 22,700 and 22,500, while on the higher side, the index has the potential to rally towards the 23,400-23,500 zone.
Overall markets expected to witness a gradual recovery. However, concerns regarding consistent FII selling, India VIX still above 20 levels, ongoing general election polling, and the outcome could keep volatility higher.