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Derivative View for Monthly Expiry – Aug 26, 2021 | Marketsmith India

Topic: Financial FreedomPublished August 27, 2021

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Indian benchmark indices may open on a flat note today. At 8:15 am IST, SGX Nifty Futures was trading at 16,660, compared with Nifty’s close of 16,634 yesterday, indicating a flat to positive opening for the bourses. Nifty Futures – LTP 16,596rn rnAfter a gap down open on last Friday, Nifty has recovered and hit an all-time high of 16,700. It gained for three consecutive sessions, making higher highs and higher lows on the daily chart. Yesterday, Nifty opened on a positive note but staged an upside reversal after it touched 16,700 and ended on a flat note. It has formed a “Doji” candle on the daily chart which indicates indecisiveness in the market. rnOn the options data front, PCR for monthly contracts expiring August 26 stands at 1.14. From the OI data perspective for monthly contracts expiring August 26, maximum Call OI built up was seen for 16,700 strike price, followed by 16,800 strike price, which amounts to 136.66 lakh contracts and 114.14 lakh contracts, respectively. Likewise, maximum Put OI built up was seen for 16,500 strike price, followed by 16,600 strike price, which amounts to 144.40 lakh contracts and 101.08 lakh contracts, respectively. The volatility Index, India Vix, is at 13.50. rnAfter considering the above technical and options data, the index is in a bullish trend and we recommend that investors follow “Buy on Dips” strategy. Further, it may face strong resistance in the range of 16,700–16,800. BankNifty Futures: LTP – 35,937rn rnBank Nifty has been volatile from August 18 and has also breached its short-term key moving averages. However, from August 23 onward, the index has witnessed an upside reversal and reclaimed its 21-DMA. Currently, Bank Nifty is trading above its all key moving averages but still trending in the sideways zone of 34,500–36,000. Momentum indicator RSI has bent toward downside and MACD has seen a negative crossover as of today. rnOn the options data front, PCR for contracts expiring August 26 stands at 0.94. From the OI data perspective for monthly contracts expiring on August 26, maximum Call OI built up was seen for 36,000 strike price, followed by 37,000 strike price, which amounts to 89.45 lakh contracts and 66.19 lakh contracts, respectively. Likewise, maximum Put OI built up was seen for 35,000 strike price, followed by 35,500 strike price, which amounts to 87.04 lakh contracts and 80.95 lakh contracts, respectively. rnAfter considering the above technical and options data, we expect the index to trade in the range of 35,000–36,000. Hence, we advise our subscribers to take a cautious approach while trading this index. rnBullish setup in stocks such as, ESCORTS, JUBLFOOD, IRCTC, GODREJCP, TORRENTPOWER among others.rnBearish setup in stocks such as SUNTV, MARUTI, ZEEL, DRREDDY among others.undefined Visit MarketSmith India to Read More About Indian Share Market News, Daily Market Tips, Model Portfolio etc.

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