Max pain for Bank Nifty seen at 50,900; bias seems cautiously positive

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Max pain for Bank Nifty seen at 50,900; bias seems cautiously positive - Business Standard

Quick Summary:

F&O cues for Nov 22: Bank Nifty formed a hammer candlestick pattern on Thursday; trade above 50,650 levels can trigger a pullback towards 51,000 - 51,500 levels, says analyst from Asit C Mehta.

The 24,000-strike call recorded the largest open interest (63.33 lakh contracts), while significant put positions were noted at the 23,000-strike level (59.37 lakh contracts), said Dhupesh Dhameja, Derivatives Analyst at SAMCO Securities. The put-call ratio (PCR) edged up to 0.85 from 0.65, reflecting a neutral-to-bearish sentiment as sellers maintain the upper hand.

Futures & Options (F&O) Insights for Friday, November 22: Rising geo-political worries and negative news for the Adani Group kind-off weighed on the investment sentiment in the recent trading sessions. On Friday, even as the global cues are favourable persistent FII selling in the cash market and unpredictable news flow could weigh on the market sentiment.