Stronger hands rolled-over positive bets in Stock Futures: Angel Broking
“Post Thursday’s sharp recovery, the benchmark index opened firmly above 10850 and then traded in a range ahead of the budget announcement. Soon after the announcement, the momentum picked up to bring index almost towards 11000 mark; but sharp profit-booking at these higher levels dragged index to hits fresh intra-day lows. However, due to some respite thereafter Nifty concluded the session with the gains of 63 points. Sectoral front, Auto, Pharma and IT counters showed decent strength; whereas, metals and PSU stocks were dragging index lower.
We began February series with lowest OI for Nifty in last 3-months and today decent OI addition was seen along with positive price action. As far as Nifty options activities are concerned, build-up was scattered between 10900-11500 call and 10800-11000 put options. At present, 11000 call option hold maximum OI, hinting important hurdle around this level. Considering today’s closing for the Nifty and a strong recovery in the individual counters, we expect further upside in Nifty going ahead. Thus, traders are advised using intraday declines to add-on fresh longs.”