Bulls continued to rule the Street in the week gone by and banking giant's outperformance has placed the Bank Nifty above the 21,000-mark. More than 1,700 points gain in the banking index over the week indicating that bulls are having an upper hand and this rally could continue in an upcoming week as well.
Considering the fact that the market has rallied sharply over the last few days, further upside seems to be limited and profit booking at higher levels would also be not ruled out. Traders can play the setup with modified Married Put where long positions in Bank Nifty futures can be initiated with long positions in at the money put option and to reduce the costing of the overall strategy, deep out of the money call option can be sold.
Decent fresh open interest additions in ATM Put options indicating that bulls can still take the rally forward. Quantum of fresh open interest additions in Call Options is quite low as compared to Put Options is reflecting the confidence of bulls.
Immediate resistance on an upside is shaping up at 22,000 levels where the same strike price Call options holds maximum cumulative open interest of more than 23,300 contracts including the fresh additions of 10,644 contracts. Next major hurdle is placed at 22,500 where the Call option has witnessed fresh open interest addition of more than 9,570 contracts.
On the other hand, immediate support level exists near 20,500. The Put option of 20,500 strike price has added fresh 9,803 contracts on short side. Major support is placed at 20,000 levels where the Put option of the same strike price holds maximum cumulative open interest of 24,615 contracts after 19,000 strike price put option. Overall option chain signifies the wide trading range of 20,000 to 22,000.
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