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Weekly Derivative: Stock specific moves remained market flavor

SMC | 18 Jan, 2017  | Follow Author | Add to my Favourites 
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Weekly View of the Market

 

Strong buying momentum resumed again in later part of the week and Market witnessed sharp bounce from support of 8200 level. Stock specific moves remained market flavor. Sectors like Metal, Auto & Banks were most active and posted smart gains. FII remained net buyers throughout the week. Hereafter, the range of 8300-8500 levels will remain crucial in the near term, and the move is expected to remain volatile with positive trend, as indicated by option open interest concentration. If Nifty breaks above the 8500 mark, it could rally towards 8700 levels on the back of fresh momentum and short covering. On the correction, the indexwill face strong support at 8200-8250 levels.The put-call ratio of open interest closed at 0.95 levels.The options open interest concentration shifted to the 8500- strike call with the highest open interest of above 50 lakh shares; this is followed by 8400-strike call with open interest of 45 lakhs. Among the put options, the 8200- strike taking the total open interest to 60 lakh shares,with the highest open interest among put options followed by 8300-strike putwith total open interest of 57 lakh shares.The Implied Volatility (IV) of call options dipped and closed at 17.18%,while the average IV of put options closed at 17.10%.The VIX index closed down to 14.61% from14.81% and here on it is expected to surge further till expiry. In the comingweek, andmidcaps and small caps are likely to outperform.

 


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About SMC
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 IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.



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