Market wide open interest is seen at Rs. 1,24,128 cr. Nifty futures
continue to trade at par to the index with no change seen in open
interest. Rollover activity remains on the lower side in the index.
n Nifty Feb turnaround is seen at 4850 levels. Above 4790 the index trades
with a positive bias for upsides of 4950 odd levels. Upsides remain limited
from current levels. We advice holding long positions with SL places at
4790; below which panic selling can set in.
n Banking major SBIN continues to trade with a positive bias. Above 1900
the stock is expected to test 1950/1975 levels. ICICI bank also trades with
a positive bias. From the metal space, Ster is expected to test higher
levels in the near term. Tata Steel is expected to consolidate at current
levels.
n Wipro is expected to test 695 levels in the near term. Infosys is expected
to test 2620 levels in the near term. BPCL continues to trade with a
positive bias for 628 on the higher side.
n Nifty OI concentration is seen at 4700 put and 5000 call options. Call
writing is seen at 4925-4950 levels while put writing is seen only at 4650-
4700 levels.
The market opened higher with a huge gap but failed to breach an important resistance 4920 that has muted the
trading activity in the first half and turned into gradual sell off towards the end.
As the market is in the sideways consolidation, we can not expect trending move unless and until the market breaks
the given level in our previous updates (4955 and 4830). Between these levels we may see a time consuming activity.
In case the market sustains below the level 4830/16150 after an hour of trading then we may expect gradual sell off to
the level 4730/15840 with a minor hurdle at 4800/16060.
In case the market survives above Monday's lowest levels (4845/16190) till the second half of the trading session then
the market may again try to reach multi hurdle area 4920/30 with a minor hurdle at 4885.
Nifty Strategy: Sell Nifty below 4830 with a tight stop loss at 4875 for the target 4770/4730. In case the market
sustains above 4845 in the second half of the trading session then enter into short term trading buy in Nifty with a
target 4920 and keep a final stop loss at 4820.
