Nifty 20th April and 27th April expiry has substantial call open interest in value term (OI * LTP) stuck at 17500 and 17600. Likewise for both the above expiries, huge call OI in value terms is stuck at 41500 (aprox 100 Cr, 2 expiries together). Such data indicates, big market participants will try to pull down the market temporarily to unhinge from those positions. Overall market direction is upward. Currently both nifty and bank nifty are at upper end of the bollinger band and expected to catch a breath before resuming any farther upward journey.
Views are shared by Dr. Sukhendu Ghosh
