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Derivatives View (June 4): Sell Bank Nifty in range of 21000-21100 - ICICI Securities

Posted On: 2020-06-04 10:55:09


Nifty

Post a gap up opening, the Nifty witnessed sharp upsides, moving up almost 200 points during the session and ended with a gain of 82 points. The Nifty has rallied more than 1100 points in the last six sessions. Currently, the market is trading at a major Call base of monthly and weekly expiry strike of 10000 and 10200. These levels should act as strong hurdles. We feel a consolidation move will take place before crossing the said hurdles. Nifty futures ended at a premium of 10 points with a fall in IVs by 0.23%. The major Put base is at 10000 strike with almost 25 lakh shares while the major Call base is at the 10200 strike with almost 21 lakh shares.

Bank Nifty

Outperformance in banking stocks led the Bank Nifty to test its major Call base of 21000. The buying spree continued in the PSU banking space whereas other banks also provided support. Looking at the OI data, we feel the upside looks limited as major Call OI is at 21000 and 21500. These levels should act as hurdles on upsides.

Intra-day F&O recommendations

1. Sell Nifty 10200 Call (June 4 expiry)
2. Sell Bank Nifty in the range of 21000-21100
3. Buy Interglobe Aviation in the range of Rs. 1018.00-1020.00
4. Sell Ramco Cement in the range of Rs. 631.00-633.00

For details, click on the link below

https://www.icicidirect.com/mailimages/Derivatives_view.pdf


Source: Equity Bulls

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