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Call writers firmly holding their positions: Angel Broking

Posted On: 2017-10-11 20:23:08

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

"The benchmark index extended its gains in the early morning trade; but, failed to hold on to the momentum due to massive selling pressure. During the day, index was dragged towards 9950 mark; but, post some recovery concluded the session with a cut of 32 points.

As far as today's index options activity is concerned, we saw decent open interest addition in 10000-10200 call options. On the flip side, 10000 and 10100 puts added fresh positions; followed by some unwinding in 9700-9900 strikes. However, maximum concentration of open interest remains intact in 10000 call and 9800 put options.

Although Nifty rallied above 10000 mark, we hardly saw unwinding by call writers of 10000 call option. This clearly dictates that traders were not expecting any major upside from these levels. If we look at FIIs activity during October series, they continued curbing liquidity in equity segment and formed some mixed positions in index futures. However, huge amount of their short positions formed in index futures last series are still in system. Looking at the above F&O data, we would suggest traders to lighten up their positions as market may correct towards 9800-9850 levels in near term."

Source: Equity Bulls

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