Yesterday FIIs were net sellers in cash market segment to the tune of Rs. 910 crores. They bought Index Futures of Rs. 257 crores with rise in OI, suggesting some fresh long formation in last trading session.
In Index Options front, they were net sellers of Rs. 1721 crores with marginal change in OI. In call options we saw build-up in 7800 and 8100 strikes, followed by unwinding in 8500 call options. While in put options, we hardly saw any strike adding reasonable OI, some unwinding was visible in 8000 put option. Maximum OI is seen in 8000 call and 7500 put options.
We continue to see meaningful selling in equities by bigger hands. Even though Nifty gave a decent bounce, we are hardly witnessing any substantial buying interest in Nifty. We still believe it’s a sell on rise market; 7900-7950 is an immediate resistance for Nifty.
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