F&O Manual | The Nifty has recovered its losses and is now trading higher, with support near 21,000

 F&O Manual | The Nifty has recovered its losses and is now trading higher, with support near 21,000

Put writers have established long positions at 21,100, 21,000, and 20,900 strikes, according to options data, which will provide day's support.

At 70,805.54, the Sensex was up 299.23 points, or 0.42 percent, while the Nifty was up 90.60 points, or 0.43 percent, at 21,240.80.

Nifty erases early losses and trades strongly as bulls gain control. Oil & gas and electricity are up 1% each, while other sectoral indexes are trading higher. The BSE Smallcap and Midcap indexes are up 1%.

At 1 pm, the Nifty was at 21,240.80, up 90.60 points, or 0.43 percent, while the Sensex was up 299.23 points, or 0.42 percent, at 70,805.54. A total of 2341 shares increased, 851 shares decreased, and 87 shares stayed the same.

The Open Interest (OI) of Call Writers is represented by red bars, while the Open Interest (OI) of Put Writers is represented by green bars.

Put writers have established long positions at 21,100, 21,000, and 20,900 strikes, according to options data, which will provide day's support.

"The correction seen on Wednesday has cooled down the overheated market as Nifty was in the overbought zone for more than two weeks," says Shirsham Gupta, Director and Senior Technical Analyst at RuPay. It is anticipated that the market would move more in the future.We don't anticipate a positive trend until the Christmas season. Nonetheless, the overall bullish trend for the market is still in place because of the advantageous political climate and encouraging economic statistics."

The market may hit 20500 levels below 20850, which is a significant support level. 21500 would be a significant barrier level on the upward, he said.

level of the bank nifty

The Bank Nifty has made a clever turnaround today, with support building up to about 47,000 points. The trend "may move sharply towards 47,700 levels once the index manages to sustain above 47,400," according to Stoxbox derivatives and technical analyst Avadhoot Bagkar.

"Options data suggests heavy concentration at 47,000 PE and 47,500 CE," said Baghkar. We anticipate that stability over 47,400 will lead to writing into 47,300 PE, thereby pushing the index up to 47,700 levels.”