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Equity Futures:Positive bets by FIIs help Nifty 50 regain some ground

Informist, Thursday, Dec 2, 2021


By Vivek Kumar


MUMBAI – Short-covering by foreign institutional investors in the last couple of sessions along with the addition of some long positions helped Nifty 50 close above 17400 points for the first time in five sessions today, market participants said.


The Nifty 50 closed 1.4% higher at 17401.65 points today and the open interest in its December futures contract rose nearly 4% to 12.2 mln.


While the gains have provided some relief, the trend remains that of caution with the Nifty 50 trading below its resistance level of 17600 points, a dealer said.


In the index’s options, the 18000-points call option, expiring on Dec 9, witnessed maximum addition of open interest today. The premiums of 17700, 17800, 17900 points and other major out-of-the-money call options rose sharply.


Among put options, the premium of 17300 points contract halved in value, while 17000 points contract had the highest open interest, indicating support at that level.


The covering of short positions and addition of fresh long positions propelled gains in the Nifty 50 today, and on Friday, one can expect the index to move higher towards 17500-17550 points, said Ruchit Jain, trading strategist at 5paisa.com.


Among sectors, information technology companies continued to witness the addition of long positions as they led the gains among frontline companies.


On the other hand, the trend in the banking pack was mixed, limiting the gains for the sectoral index today. The index had seen some short-covering on Wednesday, but given that long positions are missing, it underperformed the benchmark indices today, an analyst said. 


-–Nifty 50 Dec ended at 17439.90, up 218.00 points; 38.25-point premium to spot index

-–Nifty 50 Jan ended at 17490.50, up 210.15 points; 88.85-point premium to spot index

-–Nifty 50 Feb ended at 17520.05, up 202.90 points; 118.40-point premium to spot index


The total turnover in the futures and options segment of the NSE was higher at 130.6 trln rupees today, compared to 76.2 trln rupees on Wednesday.


The turnover in index options was 128.4 trln rupees compared to 73.8 trln rupees in the previous session amid the expiry of weekly options contracts today. The total premium turnover of index and stock options was lower at 298.7 bln rupees, compared to 320.6 bln rupees on Wednesday.


ICICI Bank, Tata Power Co, Reliance Industries, Tata Motors, Tata Steel, Bharti Airtel, HDFC Bank, Vodafone Idea, Housing Development Finance Corp, Tata Consultancy Services, State Bank of India, Adani Ports and Special Economic Zone, Infosys and Axis Bank were some of the most actively traded underlying stocks.  End



Edited by Maheswaran Parameswaran



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Source: Cogencis

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