Moderate fall in OI at Deep Put ITM strikes
In case of sustainability at current levels, extension of up move towards 22,800 can’t be ruled out
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But unlikely before polls as experts rule out any possibility of pre-election rally
Call writing at ATM/ OTM strikes signals selling pressure
A move below 22,000PE may extend weakness this truncated week
OI bases rising at Call OTM strikes
Put-Call Ratio of Open Interest at 1.21 indicates undercurrent bearish bias
Options data denotes wider trading range
OTM strikes above 22,300PE witnessed offloading OI, while several ITM and OTM strikes on Call side witnessed moderate OI fall
Widening OI bases point to bullish bias
Put writers displayed activity particularly at the 22,200 and 22,000 strikes