FIIs buying in equities highest for this financial year: Angel Broking
Derivatives Wrap-up by Mrs. Sneha Seth (Derivatives Analyst, Angel Broking):
"Post yesterday's strong highest ever close, we began the weekly expiry day on a weak note. Interestingly, in the first hour of trade Nifty recovered all the losses and soon rallied above 12950 mark. But, this upmove was short lived as we witnessed sharp profit booking from the higher levels to drag index below 12750. Eventually, the Nifty concluded the weekly expiry day with the cut of 166 points. The banking index has been an outperformer recently and in today's fall too it has been a major contributor. The BankNifty corrected almost 3%, heavy weight banking counters like ICICIBANK and AXISBANK dragged index lower.
In the November series, both the indices gave a spectacular move with addition of good amount of longs. However, in the previous week's rally longs were missing in the banking index. Stronger hands continued their buying streak in equities and they are net buyers of Rs. 41,210 crores; which clearly dictates their optimism in Indian equity market. In options front, decent writing was seen in 12900 and 13000 call options along with decent build-up in 12500-12700 put options. Maximum open interest concentration for the monthly series is placed at 13500 call and 12500 put options. Now, in today's fall we did see some short formation, but the quantum wasn't significant. Considering today's development, we believe there is a decent possibility of further profit booking in coming sessions as we heading towards the monthly expiry week. As far as levels are concerned, 12900-13000 may act as a hurdle now; whereas, support is placed around 12400-12500 levels."