Derivative Write-up by Ms. Sneha Seth (Derivatives Analyst, Angel Broking):
"Despite not so encouraging sign from the global peers, our benchmark index managed to open on a positive note. As the day progressed, Nifty slowly inched above 11700 mark and then consolidated in the final hour to conclude the session 0.40% higher to its previous close. The heavy weight counters like TATAMOTORS, TCS and HDFCBANK contributed largely in today's move.
In F&O space, we witnessed good amount of fresh longs positions in both Nifty as well as BankNifty. Meanwhile, good amount of writing was seen in 11600-11700 put options. On the other side, 11700-11900 call options added decent position along with unwinding in 11600 strike. Last week, we saw some consolidation which was mainly due to profit booking and no shorts were visible. If we glance at the historical data, we shall observe that decent amount of longs are still intact in the system. Now, we are again seeing some buying interest from the support zone of 11550-11600. Thus, traders are advised holding their existing longs as we are soon heading above the record highs."