By Sameet Chavan
The Indian equity market has witnessed a slender range-bound movement on the weekly expiry session until the fag end buying interest levitated the benchmark index. The respite from the selling spree of the FIIs and positive global traction has boosted our market participants, whose rub-off effect is evident in the broader market space. The benchmark index continued its positive stature and maintained its bullish move for the fifth straight day, procuring over half a percent and settling a tad above the 16600 level.
Yesterday’s, we observed fresh long additions in Nifty as well as Bank Nifty. Stronger hands had been net buyers this week and have also added longs index and stock futures segment. Their index futures ‘Long Short Ratio’ has now improved to 40% from 16% seen last week; this has certainly bolstered the overall sentiments of all the participants. For the coming monthly expiry week, 17000 call followed by 16800 and 16500 puts are attracting traders’ attention.
Looking at the momentum certainly portrays the urge of the bulls of D-Street while favorable conditions. However, significant traction is seen outside the indices; hence it is advisable to keep Identifying apt themes and potential movers within the same, which are likely to provide better trading opportunities. Meanwhile, staying abreast with the global market is advisable.
(Sameet Chavan is a Chief Analyst-Technical and Derivatives at Angel One. Views expressed are the author’s own. Please consult your financial advisor before investing.)