The benchmark indices on weekend Friday settled marginally lower with the Sensex ended at 27,238, down 9 points, while the broader Nifty50 closed at 8,400, down 7 points. Market was running cautious on account of pre-budget rally in the last two weeks.
More about Nifty to focus.
Nifty rushed higher level through the week and reversed the intermediate downtrend. The nifty future gained 152.85 points or 1.85% Week of Week to settle at 8,420.5, which was the third successive week of gains for the Nifty.
The Nifty January Future premium slimmed to 20.15 points from 24.3 points in the week end 6 January.
The implied volatility of the Nifty dipped to 12.8% from 15.19% from its earlier week, indicating the lower volatility outlook after the recent sharp rise. The Nifty open interest put call ratio gave positive signals since it ascended to 1.23 from 1.11 in the previous week, which indicates there was more put build up in the last one week. Maximum build up of open interest was reflected in the 8450 - 8550 Calls and 8550 - 8450 Puts.
Long build up was witnessed in Hindalco, Tata Steel, Yes Bank and IndusInd Bank while short build up was seen in Dr Reddy, Idea, TCS and Grasim. Sectorally, Long build up was witnessed in the Banking, Power, Capital goods, Oil & Gas, Metals and IT indices and Short build up was seen in the Pharma, Telecom and Realty indices.
Shares of 10 Tata group companies rose 0.13% to 9.4% on BSE, after N Chandrasekaran was appointed as new chairman of Tata Sons, who will be taking charge from 21 February 2017.
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