Shifting focus to options, the Open Interest (OI) distribution for Bank Nifty Put options highlights the highest concentration at the 45,500 level, likely serving as a significant support level for the current expiry.
As for the Bank Nifty which had a weekly expiry on Wednesday, the series witnessed short covering with an increase in price of 3.87% and decrease in OI by 16% where there was shedding of over 4 lakh shares in OI, decreasing from 25.17 lakh to 21.15 lakh shares. The Bank Nifty August series rollover stands at 17%.
Krishnan sees a strong support at 19,300 with the sheet anchor lying around the 19,250-19,200 zone and 19,500 acting as a strong resistance and only a decisive breakthrough will re-strengthen the undertone in his opinion.