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Major indices near their support post intraday sell-off

ICICI Securities 03 Mar 2022

Commentary

After starting the day on an optimistic note, the Nifty as well as the Bank Nifty saw a sharp intraday reversal while both indices moved near their sizeable Put base. Cement, auto, banking along with the HDFC group witnessed more selling whereas supportive action was provided by metals, technology and select oil & gas.

Major Option activity (main expiry):

Major Call OI change in today’s session: 16500 (6.8 lakh), 16600 (38.9 lakh) and 16700 (57.98 lakh)

Major Put OI change in today’s session: 16500 (28.9 lakh) and 16450 (18.9 lakh).

Outlook:

Today there was mixed bag of activity as among F&O stocks, with 85 stocks positive whereas others were negative. Due to aggressive Call writing, banking stocks have been underperforming for a few sessions. However, today, despite the sharp sell-off in private banks, no aggressive shorts have been formed as OI is almost flat. Hence, we feel there could be some reversal in the second half. Another 150-200 points could be possible due to higher volatility but that should be utilised to create long positions. For the second half, focus should be on the Bank Nifty, which is expected to move towards 35500 levels.

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