The upcoming week can be approached with a low-risk strategy like modified Put Butterfly in Nifty.
Shubham Agarwal
February 06, 2023 / 06:23 AM IST
The Nifty closed the week ended February 3 around 17,877 with a gain of 1.07 percent. During the week, the index gyrated between 18,064 and 17,472. On the OI (Open Interest) front, marginal short covering built-up was witnessed in Nifty Jan Futures over the week gone by as there was a decrease in OI.
On the other hand, Bank Nifty January Futures gained about 2.5 percent as it closed the week around 41,680. Its future gyrated between 42,251 to 39,718, the last week. Overall, Bank Nifty ended the week with gain of about 1,018 points.
Further diving into the Nifty upcoming Weekly expiry, Nifty immediate resistance stands at 18,000 levels where nearly 59.06 lakh shares is the open interest followed by vital resistance at 18,500 levels where about 55.68 lakh shares is the open interest. On the lower side immediate support level is at 17,700 where nearly 51.96 lakh shares is the PE options open interest followed by 17,600 where nearly 63.95 lakh shares is the PE options open interest.
Looking at the Bank Nifty upcoming Weekly expiry data. On the upside, Bank Nifty immediate and vital resistance is at 43,000 where nearly 18.33 lakh shares is the CE open interest, whereas, on the lower side immediate and vital support is at 41,000, about 16.08 lakh shares, which is the PE open interest. At 40,500 about 18.39 lakh shares of PE open interest is present.
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