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No signs of reversal in F&O segment, buy on dips: Angel Broking

Posted On: 2017-04-17 23:04:21

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

"Market unfolded today's session with trivial cut due uncertainty seen across the globe. Nifty traded in a very tight range of merely 40 points throughout the day and eventually concluded with a loss of 11 points. We witnessed Nifty correcting 1.27% (from 9287 levels) in last couple of days; but, surprisingly not even a single day, we saw open interest escalating; suggesting absence of short formation in this corrective move. However, reduction in open interest (Nifty) is also far less if we evaluate the long positions formed in last two-three series. Put call Ratio (PCR-OI) has surged from 0.95 to 1.09 since start of April series, which is mainly due to majority of the open interest additions in put options. Going by this data points as well as Participant wise OI data, we believe that the build-up seen in put options is mainly to hedge (due to the geopolitical concerns) long positions (index futures) formed in earlier series by stronger hands. As far as today's options data is concerned, 9200-9250 call and 9100 put options were quite active and they also added decent positions. Considering the above F&O data, we believe that the Nifty is in a consolidation phase and has very limited downside. Hence, any positive trigger in market may lead Nifty rebounding back to 9300-9350 levels. Traders should refrain from creating shorts and utilize declines to add fresh long positions."


Source: Equity Bulls

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