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Derivatives Weekly View (November 27): Momentum expected to continue in broader markets with Nifty support at 12800...

Posted On: 2020-11-30 03:52:23 (Time Zone: Arizona, USA)


The significant flows seen during the month pushed the Nifty above 13000. Volatility remained high last week as well. Despite a gain of just 1% in the index, broader markets saw significant movement. Midcap and small cap indices gained almost 3.5% and 5.5%, respectively.

At the same time, FII flows remained buoyant in the Indian markets while the net figure for November is close to Rs. 60000 crore. The December series has started with open interest of 11.5 million shares while premium remained high suggesting some long additions. However, such high premium does not sustain in the market. Due to the long settlement week, we may see the Nifty hovering in a range with stock specific action in the midcap space.

Bank Nifty: Upsides to be capped for coming week...

A sharp up move was seen in the Nifty as well as Bank Nifty on the back of positive inflows by FIIs where they pumped in almost Rs. 15000 crore last week. However, Nifty future is trading above its sizeable Call base of 13000 whereas the Bank Nifty is still far behind due to selling in a few private banks last week.

Last week, there was a sharp rise in IVs as the Bank Nifty moved above 30000. However, Call writing in OTM strikes kept the index move in check.

Positional Future Recommendation

Long Cadila Healthcare (CADHEA) December future in the range of Rs. 442-445; Target: Rs. 467; Stop Loss: Rs. 429.50

Rationale

Stock specific action was seen in the current leg of consolidation in the Nifty near 13000. Few pharma stocks saw decent buying during the week where Cadila Healthcare made a new yearly high last week. For a couple of months, the stock has been rallying on the back of short covering. We feel the ongoing trend in the stock will continue. It was finding it difficult to sustain above Rs. 440 levels. However, as it finally closed above this levels, fresh upsides could be seen in the coming week.

For details, click on the link below: https://www.icicidirect.com/mailimages/Derivatives_view.pdf


Source: Equity Bulls

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