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'Nifty Bank likely to see resistance at 32,000; deploy Bull Call Spread'

Bank Nifty options data for upcoming weekly expiry depicts 31,000 as strong support as aggressive Put writing is seen at 31,000 and on upside the highest Call OI is at 32,000, which can act as strong resistance

June 03, 2019 / 09:21 AM IST
 
 
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It was a volatile week for key indices as both Nifty and Bank Nifty witnessed a swing of 360 and 1,300 points, respectively, for the week ended May 31.

Nifty spot touched an intraday high of 12,039 but the momentum fizzled out as profit booking dragged the indices lower.

The Bank Nifty followed Nifty as it touched its lifetime high of 31,815 during the week, but profit booking at higher levels erased some gains and the index closed just 0.33 higher.

In terms of sectors, IT, oil & gas and private banking stocks were the top gainers for the week. TCS was top gainer among IT pack, up 6 percent for the week, followed by Infosys and Tech Mahindra that gained about 3 percent each in the last five trading sessions.