Nifty Bank Sees Fresh Longs Even As Major Indices Remain Flat
TCS saw fresh short positions with its futures open interest surging 27%.
Indian equity indices closed flat on Friday, amid a selloff in technology stocks after Infosys disappointed street with its revenue guidance cut. The Nifty 50 index declined marginally and its futures witnessed unwinding as its open interest fell 3.5 percent.
The Nifty Bank advanced 0.4 percent and saw fresh long positions as its futures saw accumulation of 9.2 percent in open interest. Foreign institutional investors (FIIs) bought index futures worth Rs 91 crore on a net basis.
The India Volatility Index (VIX) retreated 1.6 percent to close at 14.4 indicating contraction in option premiums. Maximum open interest remained with the 8,400 call and 8,000 put, which broadly indicates a near-term range for the Nifty. FIIs bought 13,362 index put contracts and 4,024 index call contracts on a net basis.
DCB Bank, which gained 3.8 percent saw accumulation of nearly 33 percent in its open interest indicating fresh buying. TCS, which fell by 3.7 percent, saw fresh short positions with its futures open interest surging 27 percent.
