Nifty Bank F&O Strategy: Move above 43,800 may create short covering

ICICI Direct's Analyst recommends a "Buy" strategy for May18 BankNifty 43,800 Call between 260-265 and a "Sell" strategy for May18 44,100 Call around 140-145. The target for the investment is 300 with a timeframe for till expiration. ICICI's Analyst believes the banking index may outperform creating buying opportunities, and the Bank Nifty futures open interest will remain positive. Highest Call OI build-up will remain for 43,500 strikes, but a sustainable move above 43,800 can challenge life highs of 44,200. The recommended strategy is a long Call spread options strategy with a maximum profit above 44,100.

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