Finally Nifty beyond 11000: Angel Broking

Derivatives Desk by Ms. Sneha Seth (Derivatives Analyst, Angel Broking):

"The day kick started with an upside gap as indicated by the SGX Nifty. The strong buying pick up the pace in the early morning trade to surpass the key psychological hurdle of 11000 mark. The momentum accelerated as the day progressed to conclude the session at the highest point in last five months.

In F&O space, the benchmark index (Nifty) has added good amount of long position for the fifth consecutive session. At the same time, we saw massive writing in 10700-10900 put options and now these writers have also started adding huge positions in 11000 strike. On the other side, call writers of 11100 and 11200 strikes looked intimidated and hence covered their positions. In the recent up move, stronger hands have been net buyers in equities and index futures segment. Considering the above data point, we maintain our optimistic stance on market and expect continuation of this rally towards 11300-11400."

Source : Equity Bulls

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