11650-11700 to act as a sheet anchor: Angel Broking

Ms. Sneha Seth (Derivatives Analyst, Angel Broking):

"It was the day of consolidation for our market, as index traded in the range of merely 90 points for the entire day. In F&O space, we saw mixed activity in both Nifty as well as BankNifty futures. However, traders were quite active in index options due to weekly expiry. In the coming weekly series, the build-up was scattered between 11750-12000 call and 11500-11800 put options. Whereas, maximum open interest concentration stood at 11800 call and 11700 put options. As far as outstanding contracts are concerned, decent amount of longs formed in April series are still intact in the system. Going ahead, 11650-11700 would act as a sheet anchor for the index; whereas, the hurdle is place around 11800 mark."

Source : Equity Bulls

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