Bank Nifty Index: Will 48600 Level Hold for Weekly expiry?

Today, on the 9th of April 2024, the Bank Nifty Index displayed notable price movements, reaching an intraday high of 48960.75 and a low of 48621.85. This suggests that the 48600 level is serving as a robust support. However, the crucial question remains: will this level maintain its strength leading up to tomorrow's weekly expiry (10th of April 2024)?

To delve into this inquiry, we must scrutinize the 48600 put option. As of the time of writing this post, the put option reached an intraday high of 206.40 and a low of 62.60. Notably, as long as this put option remains above 6.60, its probability of expiring in the money remains significantly high. Conversely, if it drops below 6.60, the likelihood of expiring in the money diminishes close to zero.

In conclusion, the analysis of the 48600 put option sheds light on the potential stability of the 48600 level as a support going into the Bank Nifty Index options weekly expiry tomorrow.