9200 seems strong hurdle for April series: Angel Broking

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

"It was a volatile day for our market as Nifty opened with an upside gap followed by strong selling pressure; dragging Nifty below 9100 mark. However, we witnessed some recovery in the latter half to conclude the session with a minor cut of 0.18%. Today, banking giant HDFCBANK announced a good set of 4QFY2017 result, which provided impetus for the decent intraday rally to register a new record high. In addition, another heavyweight counter 'RELIANCE' provided a good hand to restrict losses on the index. On the flip side, ITC, ICICIBANK, KOTAKBANK, SBIN and TATAMOTORS were among the major losers.

On Nifty options front, we witnessed good amount of open interest addition in 9200 strike and it appears to be long positions formed by retail participants. In put options, we hardly saw any relevant open interest. However, good amount of unwinding was visible in 9100 put options, due to which maximum open interest in puts has been shifted back to the 9000 mark. Thus, the overall options data suggests 9200 to act as a sturdy wall for the remaining part of the current series. While 9000-9050 remains to be a strong physiological support for the market."

Source : Equity Bulls

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