Nifty 50 (23,852) and Nifty Bank (54,290) registered strong profits of 4.5 percent and 6.4 percent respectively last week. Both indices exceeded their contract for futures of respect, showing a good demand in the spot market. Here are the ideas based on the data of futures and options (F&P).
Ingenious 50
The Futures of April Nifty (23,851) joined 4.1 percent during the last week. As this happened, the open interest (OI) slope or this contract fell; It fell by 10 percent and was 116.2 Lakh contracts on Thursday. This shows considerable short coverage.
On the other hand, May Nifty’s futures (23,956) rose by 4 percent and the OI also increased by approximately 50 percent to 27.2 Lakh of contracts during the last week, denoting a long accumulation. This indicates possible endures or long positions from April to the May series.
With respect to the options, the call ratio (PCR) or April and May beat the monthly maturities of 1.1 and 1.5 respectively on Thursday. A higher ratio is due to the relatively high number or the sale of the sales option. Merchants sell positions if their expectations are positive.
Then, in general terms, the F& O data or the NIFTY 50 index suggest a bullish perspective.
Looking at the Nifty Futures table, it can be said that the current upward trend is strong and that losses or impulse are not yet seen. Therefore, although there is a possibility of some moderation, Nifty Futures is expected to touch new maximums.
For the futures of April Nifty, the closest resistance is 23,900 with subfreffente one to 24,200. The support levels are 23,500 and 23,150.
For May Nifty Futures, 24,000 is the immediate barrier followed by 24,300 and 24,500. The key support can be seen at 23,550 and 23,280.
Strategy: Outdoor on Monday, leave the long position in April Nifty Futures suggested last week. After this, spend a lot of time in May if it leaves 24,000. The objective and the stop-loss can be 24,500 and 23,780 respectively.
In the event that the May price of futures falls, bought 23,600 with the Stop -los at 23,330. When the contract leaves 24,000, feel the stop-loss to 23,780. Leave at 24,500.
Ingenious bank
The futures of the April Nifty Bank (54.201) won 5.9 percent, while the OI fell 4 percent last week to 20.8 Lakh of contracts, showing short coverage.
But May Futures Nifty Bank (54,308) witnessed a long accumulation since their weekly or 5.8 percent gain was accompanied by an increase in OI by 8.5 percent. The outstanding OI as Thursday was 6.4 Lakh contracts. Therefore, there may be roll-over or long.
In the options, the PCR of April and May beat above 1, showing a positive bias. Then, in general, the derivative data or the ingenious bank indicate optimism. In line with this, Nifty Bank Futures table shows that the impulse is strong. So, there are high chans for greater profits.
With respect to April expiration futures, notable support levels are 53,200 and 52,300. Potential resistance levels are 54,500 and 55,000.
For May expiration futures, supports can be seen at 53,320 and 52,600. The levels that can resist bulls are 54,600 and 55,200.
Strategy: Since the April series approaches Expiry, we suggest considering May negotiation contracts. Buy Nifty Bank Futures (May) to 54,300 and in a sauce at 53,320. The objective and loss of detention can be 55,200 and 53,150 respectively.
Posted on April 19, 2025