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FIIs refrained from shorting in today's correction: Angel Broking

Posted On: 2017-04-18 20:24:18

Views of Ms. Sneha Seth (Equity Derivative Analyst, Angel Broking):

"After a corrective move seen in last few trading sessions, Nifty opened with an upside gap regardless of Asian market showing some nervousness. During the initial hours, Nifty headed towards 9200 mark in the first half, which was mainly propelled by the strong move seen banking heavyweights like, ICICIBANK, HDFCBANK and other PSU banking counters. But surprisingly, this decent up move was then followed by a sharp correction to wipe off all early morning gains. Eventually, the Nifty ended the session with a cut of 37 points.

Similar to previous sessions, today's fall in the index was not supported by short formation as we witnessed a marginal drop in open interest (Nifty). It is also observed that majority of the heavy weight counters corrected mainly due to profit booking. As far as today's options data is concerned, 9100 and 9150 call options added decent positions. While, we hardly saw any relevant build-up in put options. However, good amount of unwinding was observed in 9000 put option. Now, highest open interest in April series has shifted from 9300 call to 9200 call and for put options, shifted to 9100 from 9000 strike. This activity on the options front indicates contraction in the price range i.e. 9100 to 9200. Thus, the above data remains clouded mainly for bears as there is no meaningful data to support the correction in the market. Thus, we suggest traders to avoid fresh shorting unless we see any damage on the data front."

Source: Equity Bulls

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