Buy Nifty 5300 Call Option, Nifty Future Found Support at 5200 Level

Nifty future was seen trading near 5200 level, on charts this level is very strong support, also bank nifty future was trading at is very strong support of 10000 level. Both of these major indices are suggesting that market will be shooting higher in next few trading session. On weekly charts markets are already in uptrend and fall from 5600 to 5200 is just a correction in bull market now this fall will be used as a buying opportunity and hence we are buying nifty 5300 call options around 97 level for positional targets as 160 and then 194. Placing stop loss orders at 65 level. Also traders can buy nifty future at 5220 level for positional targets of 5335 and then 5399 level, while stop loss at 5160. For bank nifty trade traders may buy bank nifty future around 10050 for 5 days target of 10500 and then 10750 level, placing stop loss at 9900 level. Looking on the charts Banknifty spot has support at 38.2% Fibonacci level i.e. at 9900 level. Previously this level has proved to be strongest resistance but now as bank nifty is trading above it, so this level will serve as strong support and buying will be in large. Again focusing on nifty 5300 call option, open interest data is suggesting traders are unwinding their short from call options strike of 5300, 5400 and 5500 call options, where are put writing was seen in 5200 and 5300 strikes. Today bank nifty future added about 57,000 shares in open interest or 5% jump in open interest, Nifty future also added about 4% in its open interest today. Nifty 5300 call options saw a bounce of 10% in its open interest may be due to fresh long positions were added here.