Views of Ms. Sneha Seth (Derivative Analyst, Angel Broking):
"Despite weakness in the Asian market, the benchmark Nifty opened with an upside gap and extended its gains towards 10900 mark. However, some selling pressure gripped the market in the last hour of trade to conclude with minor gains.
In F&O segment, we witnessed some follow-up buying in both Nifty and Banknifty. As far as Nifty options activities are concerned, except for some build-up in Out-The-Money call 11100, we could hardly see any strike adding meaningful position. However, we saw some unwinding in 10700 and 10800 call options. On the flip side, massive build-up was seen in 10700- 10800 put options and looking at the implied volatility it seem these are short positions. FIIs participants wise data hints, they have been writing index puts for last two trading sessions. Considering the above data points, we expect extension of recent up-move towards the next hurdle of 10900-10950 levels. Whereas, 10800 shall now act as an immediate support for index."