Check out the strategies of Chandan Taparia, Derivatives Analyst at Anand Rathi Financial Services.
Smart Investor: The Nifty which had recovered in late trades yesterday has once again slipped below 5,100 today. What are the near term supports and resistances for the benchmark index and what are the cues in the options segment for May expiry?
Chandan Taparia: Nifty future fell down towards 5100 but took strong support of 5000 levels where maximum Put OI is intact. Now if it sustains above 5050 levels then may head towards 5150-5180 levels. Looking at OI concentration, maximum Put OI is at 5000 strike while maximum Call OI is at 5300 strike.
Smartinvestor: SBI seems to be range bound between 2,000 and 2,200 for the past few weeks. What is your call on the banking major in the options segment for May expiry?
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