IGI Logo

We started the February series amidst a corrective phase and post registering a low around 13600 on the first day of the series, the index resumed the upmove and rallied to register new high above 15400 in the midst of the series. We then saw some correction towards 14600 but no meaningful shorts were seen in that decline and hence, it just seemed like a regular profit booking.

The index managed to recover to end the February series around the 15100 mark. In the initial couple of weeks of the series, we witnessed long formations in Nifty as well as Bank Nifty and no meaningful shorts were seen during corrections. The long positions got rolled to the March series as the rollovers are bit higher than its 3-month average. FII’s too rolled over their bullish positions and their ‘Long Short Ratio’ at the start of series stands at 76 percent.

The global markets have witnessed higher volatility which could lead to long unwinding in our markets too. Traders are advised to lighten up longs and stay light on positions till the volatility settles down. It would be prudent to see how things pan out at the start of the series and hence, one should keep a close tab on the data changes in next few sessions. The immediate support for Nifty is placed around 14500 followed by 14200.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://trade.angelbroking.com/Downloads/ARQ-Disclaimer-Note.pdf

SEBI Registration number is INH000000164

Above views are of the author and not of the website kindly read disclaimer