The S&P BSE Sensex rose more than 1200 points while Nifty50 reclaimed 21700 levels in the previous trading session. The Nifty future closed positive with gains of 1.80% at 21875 levels on Monday. India VIX was up by 14.29% from 15.33 to 15.84 levels.
Since it is the beginning of the new series, options data is scattered at various far-strike prices. On the weekly front, the maximum Call OI is placed at 21500 and then towards 22000 strikes.
Bear put spreads, calendar spreads and iron butterflies are some of the strategies recommended by analysts. One analyst advises traders to enter into trade during the last hour of the market during budget day
The Nifty Bank bounced back on Monday and rose more than 500 points to reclaim 45,000. The Nifty Bank rose 576 points to close at 45,442. The Nifty50 rallied 387 points to close at 21,739.