Weekly Derivative: Overall derivative data indicates long rollover
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Weekly View of the Market
The market undertone remained bullish with support of consistent FII buying and short covering. Nifty is trading near 8650 level and all the major sectors like Banks, Metals, Auto & reality are supporting the market trend. Sector rotation is likely to continue further. February series started with higher rollover of 77 % via 3 month average of 74% and Market wide rollover is slightly lower at 81% via 3 month average of 84%. Overall derivative data indicates long rollover. The Implied Volatility (IV) of calls was down and closed at 14.13% while that for put options closed at 14.75%. The Nifty VIX for the week closed at 15.17% and is expected to remain up. Overall market's cost-of-carry is up on the back of fresh long additions. Among Nifty Call options, the 9000-strike call has the highest open interest of 36 lakh shares followed by the 8700-strike call which have OI of over 30 lakh shares. On put side, 8400 strike put has the highest open interest of over 35 lakh shares in open interest respectively. The PCR OI for the week closed up at 1.03 from 0.97, which indicates OTM put writing. On the technical front, 8500-8550 is strong support zone for Nifty and current trend is likely to continue towards 8800.
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