Nifty positively biased for short term towards 19600 shows July futures data; Auto, Pharma look positive
时间:2024-06-26 12:06:53 阅读(143)
By Manojh Vayalar
This July series Nifty futures started with a premium of around 95 points for the current month. For the Nifty futures, FIIs maintained around 40% short positions, lower than the last month’s series, which is now currently around 30% shorts. The index witnessed a long buildup rally since the start of this series. We believe that a dip in the index could be an opportunity to enter into longs and hence the Buy on Dips is the trade sentiment in Nifty.
FIIs started this series with Longs position in the Index of around 66% vs 34% index shorts last month which are currently around 30% as of yesterday. For the Nifty, the IVs for the options stayed at around 11 levels in yesterday’s trade implying a possible short straddle at 19300 strikes. For the Bank Nifty 27th July, the 45000 strike call option has the highest open interest implying resistance around 45500 – 45600. Bank Nifty has strong support near 44200 levels. For the Nifty, the VWAP (Volume weighted average price) of Nifty July Futures is around 19000 implying that to be the support. Above this, Nifty is to be positively biased for the short term towards 19600.
With FIIs having lower short positions in the Index, currently lesser than the last month, we expect Nifty to face some resistance at the higher levels. The ratio between Bank Nifty and Nifty is currently at 2.34, this ratio has a support at 2.30 and resistance near 2.37. We don’t expect Nifty to outperform as it faces resistance at higher levels. Sector-wise, Auto, Pharma, Cement & Media look positive in Nifty.
Nifty Short Straddle:Sell 27th July 19300 CE@ 275
Sell 27th July 19300 PE @ 155
Net Premium @ 430, STOP LOSS @550.
Target @250
(Manojh Vayalar, VP- Derivatives, Religare Broking Ltd. Views expressed are author’s own.)
上一篇:India battles extreme heatwave! Pictures from across India show people reeling under scorching heat
下一篇:Year Ender 2023 l From wars to wonders- Here are some global events that made 2023 unforgettable
猜你喜欢
- NSE Bulk deals, December 14- EQUITAS, VRLLOG, KAMDHENU and other major deals that took place on Wednesday
- Zerodha’s Nikhil Kamath tells when to buy stocks, shares Buffett formula to find the right time
- Xiaomi announces HyperOS for India; roll out to begin with these devices this month
- India defers govt bond index inclusion to next year; $30 bln opportunity pushed back due to operational issues
- In Pictures - Bird’s eye view of earthquake hit Turkey
- In Images and Videos - Extravagant assets owned by Saif Ali Khan and Kareena Kapoor Khan, boasting a colossal net worth of Rs 1685 crore
- NSE F&O ban- PNB, IndiaBulls and others under ban on Thursday, December 8, 2022
- Nykaa share price down 44% from life-time high; should you buy, hold or sell after Q1 profit surges 33% on-yr-
- Will Nifty breach 19550 or give up gains- See GIFT Nifty, FII data, F&O ban, crude, more before market opens