June series to expire above 9500 mark: Angel Broking

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

"The benchmark index extended losses in the early trade and remained lethargic for major part of the day. Eventually, Nifty concluded the session tad below 9500 mark. On derivatives front, Nifty and BankNifty open interest increased by 1.62% and 8.44% respectively. Large cap counters that added fresh longs are EICHERMOT, BHARTIARTL, ICICIBANK, COALINDIA and SUNPHARMA. While, few liquid counters that added shorts are PIDILITIND, PVR, BHARATFORG, TORNTPHARM and NHPC.

In index options front, 9500-9550 call options added good amount of positions, followed by unwinding in 9700-9800 strikes. On the flip side, decent open interest addition was seen in 9400 and 9450 put options along with unwinding in 9500 and 9600 call options. However, highest open interest remains intact at 9700 call and 9500 put options.

As far as FIIs activity is concerned, they were net sellers in both cash market segment and index futures. They sold equities worth Rs. 469 cores. While, in Index futures they were sellers worth Rs. 902 crores with rise in open interest, suggesting formation of short positions in today's trading session. As a result, the long short ratio of index futures (FIIs) plunged from 75% to 72%. In last 3-4 trading session, we have seen mixed activity in index futures. However, long positions formed in last couple of months are still intact. At current juncture, 9470-9500 remains a strong support for market; while, 9570-9580 remains a strong hurdle for June expiry."

Source : Equity Bulls

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