April Series begins with Nifty hitting new high; highest OI concentration at 23,000 CE, 22,000 PE

Indian benchmark indices were hovering close to new highs in the afternoon trade on April 1, with Nifty, which climbed a new peak early in the day, at 22,488.25 up 161.35 points, or 0.72 percent.

Earlier, the Nifty hit a new high of 22,529.95 on April 1, going past its previous record of 22,526.6.

Immediate resistance for Nifty is at previous ATH level of around 22, 530. A close above it, will see the index move close to 22, 850-23,000. Support is at 22,150-200 area and crucial support for the series stands at 22,000.

At 12.15 pm, the Sensex was up 377.31 points or 0.51 percent at 74,028.66, and the Nifty was up 135.90 points or 0.61 percent at 22,462.80.

Bars in red indicate the change in open interest (OI) of call writers, while the green bars show the change in OI of put writers

Avani Bhatt, senior vice president, derivative research, JM financial, said, “April monthly series expiry of 25Apr begins with highest OI at 23000 CE & 22000 PE. Weekly expiry of 04 April begins with highest OI equally distributed at 23000 and 22500 Calls. On the puts side, highest OI at 22000 PE. OIPCR at 1.12 indicates a positive set-up.”

“Consolidation between 22150-22530 with bias positive. Dips to be utilised as buying opportunity.”

The Nifty retested 22,500 levels and Nifty may continue to trade with positive bias with immediate support near 22,000 levels, ICICI Securities said.

“In the options space, both Call and Put writing is visible at OTM strikes for the coming weekly settlement with highest Put base placed at 22000 strike while Call base is visible at 22500 strike. Sharp volatility seen on monthly settlement have caused significant adjustment in the options positions. However, we believe that Nifty may remain firm till it is holding above 22000 level.”

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