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Published on 28/01/2020 10:22:48 AM | Source: HDFC Securities Ltd

Daily FNO Overview Of 28 January 2020 by HDFC Securities

Posted in Market Outlook| #Market Outlook #HDFC Securities

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Nifty may open marginally negative. If Nifty sustains above 12,120 level then traders may see Nifty heading towards 12,180 level otherwise it could move towards 12,080 level …

Markets corrected on Monday after two sessions of gains. The weakness came on the back of weak global cues as investors appeared to be wary about the fast-spreading coronavirus, which started in China's Wuhan city. The Union Budget, which is to be presented this Saturday, 01 February 2020 also made investors cautious. The Nifty Jan Future closed 1.19% lower at 12,125.70. The Nifty Jan Future premium narrowed to 6.70 points from 22.95 points in the previous session.

Nifty IV increased to 18.24% from 16.08%, indicating a rise in volatility expectations as the markets corrected. The Nifty OI PCR declined to 1.14 from 1.42 in the previous session, indicating there was more build-up of OI in the Call segment. In the index option segment, maximum Call writing was seen in the 12200-12400 January strikes, implying resistance at these levels for the near term. Maximum Put buying was seen in the 12100-11900 Jan strikes, indicating that certain traders were taking a bearish view.

Technically, with the Nifty correcting and holding around the 50 day SMA, traders will need to watch if the index can now hold above the immediate supports of 12120; else a further correction is likely.

 

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