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    Bulls build huge intraday bets on Nifty

    Synopsis

    The bulls wrote huge number of puts intraday at 11,300 and 11,200 levels on weekly expiry options.

    Bull-3---istockiStock
    The OI of the Nifty futures has risen from 99.5 lakh shares (75 shares make one contract) to 1.1 lakh shares intraday Friday with the jump in the index over the same period from 11,118 to 11,382 (intraday), indicating a bullish bias.
    Heavy put writing was witnessed intraday Friday alongside a jump in the open interest (OI) of the August 27 Nifty futures contract, indicating a positive bias for the market. Fear gauge VIX also traded below 20, a positive sign.

    The OI of the Nifty futures has risen from 99.5 lakh shares (75 shares make one contract) to 1.1 lakh shares intraday Friday with the jump in the index over the same period from 11,118 to 11,382 (intraday), indicating a bullish bias.

    Though the VIX slipped below 20 over the previous two trading sessions, it closed above the mark on both occasions. Sub-20 levels were last seen 5 months ago.

    The bulls wrote huge number of puts intraday at 11,300 and 11,200 levels on weekly expiry options. The call with the highest OI is at 11,400, indicating an imminent tug-of-war between bulls and bears to surpass that level. Any dips are unlikely to be sharp, and 11,400 will be a formidable resistance, unless the Nifty closes above that level for a few sessions.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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