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Shifting focus to options, the Open Interest (OI) distribution for Bank Nifty Put options highlights the highest concentration at the 45,500 level, likely serving as a significant support level for the current expiry.
In the near term, any corrections towards 19300-19100 levels should be seen as a buying opportunity, as the index has the potential to extend its rally and test levels of 20000-20300 points. In the week ended August 10, benchmark indices lost about 0.4%. This was primarily due to the Reserve Bank of Indias move to impose an incremental Cash Reserve Ratio of 10% on banks in its move to tighten the liquidity in the system.