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Weekly Derivative: Derivative data indicates bullish scenario to continue -
Weekly Derivative: Derivative data indicates bullish scenario to continue
SMC | Published: 08 May, 2017  | Source :

Weekly View of the Market


Bears dragged down the market towards the weekend. Nifty has fallen 0.80% on the back of long unwinding and some calls writing. Consolidation in nifty index has been witnessed post expiry with stock specific moves. Overall derivative data indicates long rollover and most of the Nifty futures positions had been rolled with the average of 9300-9320 futures. Derivative data indicates bullish scenario to continue after some consolidation. In the May option contracts, we are seeing options open interest building up in 9500 & 9400 calls and 9000 & 9300 puts, so the range for current expiry could be 9000-9500 with upwards bias. The Implied Volatility (IV) of calls was down and closed at 9.60% while that for put options closed at 9.70%. The Nifty VIX for the week closed at 11.63. Among Nifty Call options, the 9400-strike call has the highest open interest of more than 55 lakh shares. On put side, 9300-strike put has the highest open interest of over 48 lakh shares followed by the 9000-strike put which have OI of over 49 lakh shares respectively. The PCR OI for the week closed up at 1.16 from 1.02 indicating put writing. On the technical front 9200-9250 spot levels is strong support zone and current trend is likely to continue towards 9450-9500. Any dip should be used as buying opportunity.

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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.