The Nifty staged a strong rebound on Monday, rising 1.71 per cent or
129.45 points higher at 7,688. According to derivative data, the blue
chip index will extend gains today.
Open interest in Nifty September futures increased by 3.7 lakh, while the premium expanded to 31.15 points from 15.7 points earlier, suggesting addition of fresh long position.
The pull back in Nifty may last till 7,800 levels as 6.1 lakh shares have been added to the 7,800 strike Nifty call. Meanwhile, the 7,500 strike Nifty put continues to have maximum open interest concentration of 46.6 lakh shares. So, 7,500 is expected to act as a strong support for the Nifty.
The India VIX, or the fear gauge fell 6.76 per cent to close at 24.56 suggesting lower anticipated volatility in the near future.
Among individual stocks, Tata Steel and Axis Bank have witnessed addition of long position; open interest in these stocks increased along with increase in price. Meanwhile, Hindustan Unilever has witnessed significant addition of short positions; open interest in the stock increased by 7 per cent along with 2.3 per cent fall in its price.
Open interest in Nifty September futures increased by 3.7 lakh, while the premium expanded to 31.15 points from 15.7 points earlier, suggesting addition of fresh long position.
The pull back in Nifty may last till 7,800 levels as 6.1 lakh shares have been added to the 7,800 strike Nifty call. Meanwhile, the 7,500 strike Nifty put continues to have maximum open interest concentration of 46.6 lakh shares. So, 7,500 is expected to act as a strong support for the Nifty.
The India VIX, or the fear gauge fell 6.76 per cent to close at 24.56 suggesting lower anticipated volatility in the near future.
Among individual stocks, Tata Steel and Axis Bank have witnessed addition of long position; open interest in these stocks increased along with increase in price. Meanwhile, Hindustan Unilever has witnessed significant addition of short positions; open interest in the stock increased by 7 per cent along with 2.3 per cent fall in its price.
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