F&O Highlights for January 3, 2013 - ICICIdirect

- It was another day of range bound trade for the Nifty. At the end, the Nifty closed marginally in the green

- India VIX came down from 13.71 to 13.47 (down 1.8%)

- FIIs were net buyers in the cash segment and index futures segment to the tune of Rs.1398 crore and Rs.433 crore, respectively

- In the options space, on the Call side, Nifty 6200 Call strike saw addition of 0.6 million shares. On the Put side, Nifty 5900 and 6000 Put added 0.6 million shares

Index Outlook

- Nifty: The Nifty is likely to open flat on the back of mixed global cues. It is likely to trade in the range of 6000-6070. The trading strategy would be to create short positions if the Nifty resists at around 6058 levels for targets of 6025 and 6005. On the other hand, one can also create long positions if it takes support at around 6000 levels

- Bank Nifty: The Bank Nifty is likely to trade with a positive bias in the range of 12780-12920

Stock Analysis

- OI addition: We saw long build-up in Hindustan Zinc, Godrej Industries, United Phosphorus, Idea Cellular and Uco Bank while short build-up was seen in NMDC, OBC, NHPC and Titan Industries

- OI shedding: We saw short covering in ONGC, Tata Chemicals, Indraprastha Gas, Reliance Industries and Dr Reddy's while long closure was seen in Adani Enterprises, HDFC and Zee Entertainment.

Source : Equity Bulls

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