IGI Logo

The Nifty witnessed quite a volatile settlement trade where after gap down opening, it moved below 14300 levels. Despite a recovery seen in the banking space, follow on selling pressure kept the settlement near 14300 only. Moreover, FIIs remained net sellers in the last few sessions causing further pressure

Among data, no major option concentration is visible near ATM Call or Put strikes. However, Put base for the April series is placed at 14000 strike while immediate Call base can be seen at deep OTM 15000 strike. For the weekly settlement, incremental accumulation is visible at 14800 strike for the coming week

The banking index has remained an underperformer in the March series and lost more than 5%. It I starting the new series with the highest OI seen in more than 2 years clearly suggesting short build up and until we do not see any major closure, fresh positive bias should be avoided

Roll spread in the both Nifty and Bank Nifty increased towards settlement amid OI additions suggesting short build up. Moreover, FIIs net long positions are also quite low suggesting immediate negative bias for the indices

Most index heavyweights have seen relatively low open interest in the April series. However, select auto and metal stocks are starting the new series with relatively high OI

To Read Complete Report & Disclaimer Click Here

https://secure.icicidirect.com/Content/StaticData/Disclaimer.html

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer