Traders Cover Shorts On U.S. Election Optimism
Global equities advanced on Monday, after opinion polls showed Hillary Clinton ahead of Donald Trump as Americans prepare to cast their ballots in the U.S. presidential election.
The Nifty 50 index gained 0.7 percent to close just shy of the 8,500-mark. The gains were on account of short positions being covered as indicated by the fall of 6.8 percent in Nifty's November futures open interest.
The Nifty Bank Index too, which gained 1.3 percent in trade, saw its futures open interest decline by nearly 8 percent giving further evidence of short covering.
Foreign institutional investors (FIIs) sold index futures worth Rs 236 crore on a net basis. The India Volatility Index (or VIX) has been in check and declined by 2 percent to close at 16.5.
Maximum open interest may have remained with the 9,000 call and the 8,200 put but with the 8,400 and 8,800 levels are likely to serve as the near-term range based on recent writing activity.
FIIs were relatively quiet in options trade as they bought 2,368 index put contracts against unwinding of 877 index call contracts on a net basis.
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