In the budget week, the Indian market headed north. The Nifty and the Bank Nifty gained 9 percent & 16 percent during the week. The Nifty and the Bank Nifty touched an all-time high of 15,000 and 36,000 level on the last day of the week.
The Nifty started the week at 13,785 and closed at 14,950. On the first day, gains were nearly 4.5 percent along with the OI (Open Interest) Built up of 9.5 percent. The long build-up on the first day gave strength to the Nifty that led the upward direction for rest of the week.
Overall, the index gained more than 1,200 points (nearly 9 percent) along with the long build-up of nearly 22 percent. Similarly, the Bank Nifty gained more than 5,000 points (nearly 16.5 percent), along OI build-up of nearly 12 percent.
The Nifty option band for the weekly expiry shows broader range with higher put accumulation; 15,000 strike holds immediate vital OI. Move beyond 15,000 could see further upward momentum.