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The overall derivative data indicates long rollover in the November series with most of the Nifty futures positions rolled with the average of 10,250 futures. The data indicates bullish scenario to continue with Nifty holding multiple strong supports at lower levels
The major supports are placed at 10,250 and 10,200 spot levels. We can see some bit of short covering on every dip as bulls are very active in this series as well.
In the November option contracts, we are seeing options open interest (OI) building up in 10,500 calls and 10,200 puts, so the probable range for the expiry could be 10,000-10,500 with a positive bias.
From the option data, we have seen the range shifted to the upper band which suggests the strength of an ongoing trend. The market undertone is likely to remain bullish with the support of consistent FII buying and short covering.
On the technical front, 10,250-10,270 spot levels is strong support zone and the current trend is likely to continue towards 10,450-10,500
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