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Saturday, January 28, 2023

Equity Futures: Data hints mkt set for muted Dec series F&O expiry

Informist, Wednesday, Dec 28, 2022


By Vivek Kumar


MUMBAI – Nifty 50 is likely to remain in a tight range on Thursday when the December futures and options contracts expire, according to analysts. The maximum build-up of open interest was seen at 18200 points on the call option side and 18000 points on the put side, data showed.


The December futures contract of the Nifty 50 ended at a discount of 8.85 points to the spot index today, as per provisional data. This indicated that traders do not expect much upside for the benchmark index on Thursday.


“Indian markets are likely to remain sideways and volatile. Overall declines are being bought into, however, follow up buying is missing at higher levels. Hence, traders are suggested to keep strict stop loss and book profits on every rise,” said Siddhartha Khemka, head-retail research at Motilal Oswal Financial Services.


Market participants will closely watch whether rollovers to January series are more of long positions or short positions as it will indicate the near-term trend for domestic equities. Benchmark indices have traded in a thin range for a couple of sessions now, and data suggests that this is likely to continue in the upcoming sessions as well.


The Nifty 50 today closed 0.1% lower at 18122.50 points. Intraday, the index hit a high of 18173.10 points and a low of 18068.35 points.


“After the initial downtick, the Nifty 50 spent the entire day in a narrow band. However, the tone was on the positive side, thanks to buying in select index majors,” said Ajit Mishra, vice president-technical research at Religare Broking.


After having given strong performance relative to global peers in 2022, the outlook for Indian equities is not as rosy for 2023. Most brokerage firms expect domestic equities to underperform with some seeing the Nifty 50 between 19000-19500 points by the end of 2023. 

–Nifty 50 Dec closed at 18113.65, down 24.35 points; 8.85-point discount to spot index

–Nifty 50 Jan closed at 18228.00, down 23.60 points; 105.50-point premium to spot index

–Nifty 50 Feb closed at 18306.00, down 32.90 points; 183.50-point premium to spot index


The total turnover in the futures and options segment of the National Stock Exchange was 159.18 trln rupees, against 216.02 trln rupees on Tuesday.


The turnover in index options was 155.16 trln rupees compared with 211.55 trln rupees in the previous session. The total premium turnover of index and stock options was 476.10 bln rupees compared with 593.44 bln rupees on Tuesday.


ICICI Bank, Reliance Industries, Adani Enterprises, Infosys, HDFC Bank, Axis Bank, Kotak Mahindra Bank, State Bank of India, Adani Ports and Special Economic Zone, Ambuja Cements, Housing Development Finance Corp, Maruti Suzuki India, and Bajaj Finance were among the most actively traded underlying stocks.  End


Edited by Maheswaran Parameswaran



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Source: Cogencis

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