F&O: Bank Nifty’s Immediate Support At 23350


After closing at higher levels of past five trading session, Bank Nifty was trading weak in morning hours on Friday. The index was trading at 23436 level down by 30 points as of 1000 hours.

IDFC Bank was top gainer in the index due buzz in the market regarding merger of IDFC with Shriram group companies.

Bank Nifty’s next week option contracts expiring on July 13 are in focus. Bank Nifty 13-July 23500 and 23600 call options witnessed maximum additions in its open interest. In case of put options, 23400 strike price have added maximum contracts in its open interest.

There is short built up position in 23500 and 23600 call options and long built up in 23400 strike price of put option. Bank Nifty may have support around 23350 while 23650 might act as strong resistance on the upside.

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