Perspective Note on Market 19 May 2022 By Mr. S Hariharan, Emkay Global Financial Services
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Below is the Perspective Note on Market 19 May 2022 By Mr. S Hariharan, Head- Sales Trading, Emkay Global Financial Services
“After increasing net longs single stock open interest since mid-Apr, Retail has started to trim long positions – they net long open interest is down $500 mn over the last 5 sessions. FII selling intensity in cash segment has also ebbed in this period. As a result, headline indices have bounced on low market volumes, from extremely oversold conditions. Metals stocks have been the weakest segment of the market, with long unwinding seen across ferrous as well as non-ferrous stocks. Autos and standalone refinery stocks have been the strongest sectors on account of revenue visibility.”
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