Traders Cover Shorts As Nifty Ends At New All-Time HighÂ
Traders covered their positions they had sold earlier, as the Nifty 50 index closed at a new all-time high on Monday. The covering of short positions was indicated by a fall in the Nifty's open interest in April futures contracts. Foreign investors remained quiet in trade and sold index futures worth Rs 99 crore on a net basis.
Nifty Bank futures gained 0.45 percent and saw addition of long positions in April contracts with its open interest increasing by 0.5 percent.
The India Volatility Index (VIX) retreated 7.5 percent as major indices climbed higher to indicate sharp contraction in option premiums. This indicates selling of option contracts by traders in anticipation of less volatility in benchmark indices in the near-term.
There was more writing in the 9,000, 9,100 and 9,200 Nifty put options as the index rose further reflecting support strengthening at those levels. Maximum open interest remained with the 9,000 put and 9,500 call to indicate a near-term range for the Nifty. Foreign investors bought 24,739 index call contracts against buying of 12,786 index put contracts on a net basis. This reflects positive sentiment in the short-term.
Active Stock Futures
- Larsen & Toubro (+5.5 percent): April Futures open interest up 5.6 percent, indicates addition of long positions
- Bharti Airtel (-1.4 percent): April Futures open interest up 1.8 percent, indicates addition of short positions
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