Stock option tips for today - Nifty50 futures ended marginally above their critical psychological support level of 7,800 previous week & options data suggests that, there was heavy Call writing at greater strike prices, which may put the brakes on any rally towards the 7,900 and 8,000 levels.

Among the Nifty50 call options, the ones at strike price 8,000 from the Dec series were the most active ones with the contribution of 3.4 m contracts in open interest. Among Nifty-50 Puts, the one at strike price 7,800 was the most active one with the contraction of 2.4 lakh contracts.

The bearish mood on the Street could be a reflection of a near-certain rate increase by the US Federal Reserve in the December month. In case Nifty50 breaks below the 7,700 level, it would attract buying interest.

Nifty December futures closed at 7,820.50 on Friday last week at a premium of 38.60 pts over the spot closing of 7,781.90. They saw 0.18 million contracts added, taking the total outstanding open interest (OI) to 19.55 million.

Going through options data, the trend appear to suggest sideways movement at least for now. On the upside, Nifty-50 may face strong resistance around 7,800 level & after then 7,900 level.

Stock option call for today:-

Options tips : BUY INDUSIND BANK 940 CALL ABOVE 27 TGTS 30/35 SL 23

Options tips : INDUSIND BANK ALMOST HIT 1ST TGT 30.00 HIGH OF 29.65 BOOK PART PROFIT AT CMP AND REVISE SL AT COST

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