F&O Tracker: Bulls face a test
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Nifty 50 gained 0.4 per cent last week to reach 22,520, snapping an eight-week decline.
- ✓Nifty Bank also rose 1.5 per cent to 55,257.
- ✓Despite these gains, experts said, "The derivatives data does not provide a clear directional signal." Traders should stay on the sidelines until a breakout happens soon.
Story at a Glance
- Category
- BUSINESS
- Reported By
- Business Line
- Reading Speed
- 4 Minute(s)
- Market Focus
- India Economy
Nifty 50 (22,520) snapped an eight-week decline by gaining 0.4 per cent last week. Nifty Bank (55,257), after falling for six weeks consecutively, was up 1.5 per cent. However, it might be too early to call the recovery as a bullish trend reversal. Below is an analysis.
Nifty 50
Nifty (Oct) futures (22,613) gained 0.4 per cent last week. However, there was no significant change in outstanding open interest (OI), suggesting that traders largely retained their existing positions. The OI of October futures stood at 190.7 lakh contracts on Friday compared with 191.6 lakh contracts at the end of the preceding week.
The cumulative futures OI, too, remained largely unchanged at 218 lakh contracts on Friday against 219 lakh contracts a week earlier.
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