Do you want to make money with Bank Nifty Options?

The recent leg of under performance was again seen in Bank Nifty. However, as the Bank Nifty approached the highest Put base of 24000 ahead of March expiry, traces of short covering are visible in select stocks from the private banking space.

Bank Nifty/Nifty price ratio in the last week, has already fallen from 2.4 to 2.37 levels. The ratio has good support around 2.35 levels. Hence, the level of 24000 may not be breached.

Most private banking stocks are oversold and staging a pullback ahead of the impending March expiry.

Recent short additions in the recent time frame have been focussed on 24500 Call strike. As per the intraday data building up currently, that is seeing closure in OI. It suggests a covering based relief rally is plausible in the banking index

Hence, aggressive traders can do selling Bank Nifty 24000 Put. The strategy will gain from a rise in Bank Nifty as well as from a steep time decay ahead of the March expiry

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