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Weekly Derivative: 8200 level will act as strong support for Nifty

SMC | 25 Jan, 2017  | Follow Author | Add to my Favourites 
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Weekly View of the Market


After trading in a narrow range during the week, finally Nifty hammered down in last trading session on Friday as profit booking at higher levels dragged key indices down. Moreover discouraging earnings by some companies too weighed on sentiment as Axis Bank plunged sharply after it reported a whopping 73% decline in net profit, which dragged down bank nifty and other banking stocks as well. On the derivative data front, Nifty has seen hefty call option writing in 8400 strike followed by 8500 strike. Among put options open interest was seen diminishing in 8400 strike, which indicates covering of short position in puts. For coming week, 8200 level will act as strong support for Nifty while on upside 8400 will be crucial level as the maximum OI concentration for puts is seen considerably high in 8200 strike while 8400 strike keeps highest OI in calls. The Implied Volatility (IV) of call options slightly gained and closed at 13.86% as compared to 13.56%. Moreover, the VIX index remains nearly unchanged during the week. In the coming week, we expect market to remain choppy ahead of expiry and union budget.

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SMC Research, founded in 1990, is India’s leading share and stock broker, provides a wide range of financial services and investment solutions. A blend of extensive experience, diverse talent and client focus has made us the 4th largest broking house in India(Source: Dun and Bradstreet, 2008). Over the years, SMC has expanded its operations domestically as well as internationally. Existing network includes regional offices at Mumbai, Kolkata, Chennai, Cochin, Ahmedabad, Jaipur, Hyderabad, Bangalore plus a growing network of 2100+ offices spread across 425 cities/towns in India.

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.

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