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Below is the Views On F&O Expiry Week By Mr. Rahul Mishra, AVP (Derivatives), Emkay Global Financial Services.
All eyes will be on union budget, scheduled on 1st Feb, Saturday. Markets will be remain open on account of budget. Though any significant up move (3%-5%) is unlikely; any disappointment to improve the economy will pull down the market. Nifty has failed to sustain above 12400 level in the recent past and we may see profit booking at higher level. LTCG, Dividend Distribution Tax (DDT), Cut in Personal Income tax will be the key announcements investors are looking forward to in the budget. FIIs total positioning in Index future has doubled during the month of January; they have reduced their long position by 20% while short position has been increased by 46%. Even in Stock future they have added 28% on short side while a small addition of 5% seen on long position. Derivative universe shrinks further with four more stock went out of FnO segment. Future contracts will not be available in CASTROL, DISHTV, NBCC and TATAMTRDVR. FII’s net cash flow has turned negative for January after three consecutive months with positive outflow.
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