Conclusive break above 22,500 must for Bank Nifty to move higher

Bank Nifty futures recovered from its intraday low of 22,280 on Wednesday, spurred by buying at lower levels but 22,500 remains a strong resistance, shows weekly options data.

Bank Nifty futures expiring on September 24 traded flat at 22,556 intraday.

During the session, traders wrote 5 lakh more call options at the September 17 expiry 22,500 strike, taking the figure to 16.4 lakh shares. Strong support kicks in at 22,200.

"Bank Nifty has to conclusively break and stay above 22,500," said Rajesh Palviya, derivatives head at Axis Securities.

The Nifty Bank September 17 put-call ratio declined to 0.81 intraday from 0.88 Tuesday.