Geo-political concern led to some profit booking: Angel Broking

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

"Our market opened lower as US launched air attack on Syria (on Thursday evening). We witnessed a massive fall in the last hour of today's session which resulted Nifty closing below 9200 mark, though market remained under pressure, we didn't not see any major change in Index Futures open interest. However, stocks were hammered badly in today's fall. Heavy weight counters like RELIANCE, INFY, ICICIBANK, KOTAKBANK and SBIN corrected more than 100 bps. We witnessed some short formation in Index Futures from FIIs desk; however, the quantum of shorts formed wasn't significant. While, as mentioned in last couple of reports, longs formed in Index Futures since November series are still in system. As far as the options activity is concerned, 9200-9400 call options remained quite active and they also added good amount of position. While, on the flip side, we hardly saw any relevant build-up in put options. However, some unwinding was observed in 9000 put options. At current juncture, Nifty is hovering near a strong support zone of 9150-9200 levels and taking into consideration the overall data we continue to remain cheerful on market. Thus, we suggest traders to buy 9300 call options to trade for the forthcoming week."

Source : Equity Bulls

Keywords