Derivative strategy on Bank Nifty by Motilal Oswal Securities

Derivative strategy on Bank Nifty by Chandan Taparia of Motilal Oswal Securities:
 
Strategy: BANK NIFTY (BULL CALL SPREAD)

BUY 1 LOT OF 24300 CALL
SELL 1 LOT OF 24600 CALL
 
Rationale:
 
1.       It has managed to hold above 24000 zones even after the selling pressure in last two week
2.       It has respected to its 50 DEMA and surpassed its falling supply trend line
3.       Intact Put open interest at 24000 and fresh Put writing at higher strikes suggests an up move
4.      Call writing at 24,500 could restrict its upside towards 24,500-24,600
5.