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Thursday , 17 January 2019
Breaking News

Stronger hands forming mixed positions: Angel Broking

It was indeed the week of boredom for our market, as the benchmark index remained in the slender range of merely 140 points. Eventually, we concluded the week tad below 10800 mark.
 
In Index futures front, we saw mixed activity in Nifty as well as BankNifty. Meanwhile, fresh build-up was seen in 10900-11200 call options. On the other side, despite some intraday selling we could hardly see any kind of covering by put writer, which is certainly building hopes for the bulls. Maximum open interest concentration for January series remains intact in 11000 call and 10500 put option.
 
In January series, we saw some long formation in Nifty futures and we believe decent amount of longs rolled over are also intact in the system. At current juncture, 10700-10750 is an immediate base for the index; whereas, 10880-10900 is the wall of resistance. Unless we don’t see index surpassing the above mentioned range traders are advised to prefer trading in individual counters to fetch better risk-reward ratio.”

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