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Nifty closes at new seven month high: Angel Broking

Posted On: 2020-10-07 06:36:16


Derivatives view by Mrs. Sneha Seth (Derivatives Analyst, Angel Broking):

"As indicated by the global market, the benchmark index opened on a positive note and then we saw extension of recent upmove towards 11750 in the early morning trade. As the day progressed, Nifty traded in a narrow range for the remaining part of the day to conclude the session below 11750 mark. Today, the cement and auto pack supported the market; whereas, metal counters dragged index lower.

The recent upmove was supported by meaningful longs in Nifty; whereas, banking index rallied mainly due to short covering. Today, both Nifty as well as BankNifty added fresh positions during the day but the quantum remained insignificant. In Nifty options front, we saw massive writing in 11700 puts (OI surged by 22 lacs). On the flip side, the overall build-up was scattered between 11750-12000 call options. Maximum open interest concentration in the weekly series is now placed at 11800 call and 11500 put options. Considering the above data points, we believe 11600-11650 may now act as a support zone; whereas, immediate hurdle is placed around 11800 mark. Traders are advised using intraday declines towards 11600-11650 to buy At-The-Money call options for tomorrow's weekly expiry."


Source: Equity Bulls

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