FIIs continue to add longs in June Series, trade with positive bias: Angel Broking

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

"Post yesterday's volatile move, the benchmark index today traded in a tight range of 9580-9635 throughout the day and eventually ended the session on a positive note with the gains of 19 points. Both Nifty as well as BankNifty added some fresh open interest, indicating formation of long positions in today's session. Some of the heavy weights like SUNPHARMA, GAIL, ACC, ICICIBANK and HEROMOTOCO added long positions. While, ITC is the only stocks that remained under pressure due to short formation.

In Nifty Options segment, 9700 and 10000 call options added some positions. On the other side, good amount of build-up was visible in 9500 and 9600 put options. While, maximum concentration of open interest for current series is seen in 9700 call and 9400 put option.

FIIs activity in Index remained muted in today's trading session. However, they formed good amount of long positions in Stock Futures. In May series, they formed mixed positions but rollover data hinted that they rolled all their longs in Index Futures and exited more than 55% of their short positions. Despite, market has run-up sharply in past few trading sessions; FIIs prefer holding their longs in Index Futures. Thus, we maintain our optimistic stance on market and expect Nifty to inch towards 9700 mark."

Source : Equity Bulls

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