Derivatives strategy for 23 Feb by SAMCO Securities

Derivatives Strategy for 23 Feb. by SAMCO Securities

by Dhuhpesh Dhameja, Derivatives Research Analyst, SAMCO Securities

🕗 Last Update: 20 February 2026, 8.00 AM

Neutral Bias Prevails as Nifty Trades Between 25,350–25,650 Narrow Band

Nifty defended its crucial 25,350 make-or-break level and staged a smart rebound, recovering nearly 50% of the previous session’s decline. Despite the bounce, the index remained trapped within a broader range, awaiting a decisive breakout for directional clarity. It settled 116.90 points higher at 25,571.25, holding its key support zone. Strong demand near 25,350 triggered short covering, helping the index reclaim 25,500.

However, the broader structure remains indecisive. Nifty continues to trade below its 10-day and 20-day EMAs, placed around 25,600–25,650, which now act as immediate resistance. RSI remains below the 50 mark, reflecting subdued momentum. A sustained move below 25,350 could intensify selling pressure, while a decisive close above 25,650 is essential to revive bullish momentum.

Options data suggests a cautious undertone. Heavy open interest at the 25,800 call strike (1.13 crore contracts) marks strong resistance, while 25,500 put strike (99.89 lakh contracts) offers near-term support. The PCR at 0.87 reflects guarded sentiment. The strategy remains neutral within the 25,350–25,650 range. A breakdown below 25,350 may drag the index toward 25,200–25,000, while a sustained breakout above 25,650 is required to confirm the next upward move.

Support Intact, Resistance Firm for Nifty-Bank As it Awaits Directional Trigger

Nifty Bank staged a sharp rebound and closed the week on a strong note, recovering nearly 50% of the previous session’s losses as buyers stepped in near its rising short-term averages. Despite the recovery, the index remained confined within a broader range, awaiting a decisive breakout for directional clarity. It settled 432.45 points higher at 65,172.00. Index bounced firmly from immediate support, maintaining its overall structure.

Trading above its 10-day and 20-day EMAs (60,400–60,500 zone), near-term support remains intact, with 60,380 acting as a crucial level for bulls. On the upside, the 61,400–61,700 zone continues to act as stiff resistance, aligned with prior all-time high supply.

RSI near 60 reflects a constructive setup, but a decisive breakout beyond resistance is essential to extend the bullish momentum. Options data reflects a mildly positive undertone.

Open interest at the 61,500 call strike (7.62 lakh contracts) marks key resistance, while 60,500 put strike (9.21 lakh contracts) provides strong support. The PCR at 0.98 signals a positive-to-neutral bias. The strategy remains neutral within the 60,500–61,700 range. A sustained break below 60,500 could push the index toward 60,000, while a decisive move above 61,700 may revive fresh upside momentum.

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