Expect A Breakout If Nifty Sustains Above 9,220, Says Gaurav Bissa

Indian equity indices retreated over the week. Open interest accumulation in options suggests a range of 9,000-9,300 on the index. The India Volatility Index continues to move near record lows and foreign investors selling in index futures have been countered by retail and domestic institutions. The Nifty may have remained rangebound over the last few days but is this trend likely to continue as expiry of April contracts nears?

On BloombergQuint’s Surf’s Up, which tracks weekly trends in equity derivatives, Gaurav Bissa of LKP Securities says the Nifty is likely to consolidate further with a positive bias. For more on what levels to bear in mind and stocks to watch, listen in.