Derivative Write-up by Ms. Sneha Seth (Derivatives Analyst, Angel Broking):
"We started-off today's session with an upside gap and tad above the immediate hurdle of 11700 mark. Strong follow-up buying emerged in the initial hour to clock fresh record highs. As the day progressed, index rallied beyond 11800 and post some consolidation in the final hour concluded the session at the highest point ever.
As far as F&O activities are concerned, we observed addition of good amount of longs in both Nifty and BankNifty. In call options, good amount of unwinding took place in 11700-11800 strikes. The highest open interest concentration for weekly series has now shifted higher to 11900 from 11800 call options, due to fresh build-up in 11900 strike. On the flip side, decent writing was seen in 11700-11800 put options. In case of monthly expiry, 12000 call writers looked intimidated and hence covered their positions. This development in Nifty options is indeed a healthy sign for Bulls; thus, we expect extension of today's rally towards 11950-12000. Now, traders are advised holding their existing longs and use declines to buy ATM calls."