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Skepticism prevailing in the street
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View: Nifty continues to consolidate in a narrow range of 5620-5680 levels. Accumulation in the derivatives segment failed to see any significant activity in comparison to last 3 series. Overall data indicates skepticism prevailing in the street.
Nifty July futures witnessed closure of 0.25 million shares in open interest from 21.82 million shares to 21.57 million shares. Long closure is evident as indicated by the FIIs data. FIIs turned net sellers to the tune of Rs1580 million on back of a decrease in open interest to 0.43 million contracts from 0.44 million contracts. The current open interest of 21.57 million shares stands lowest in last 3 series (compared on E+3 day basis). The average open interest is last 3 series on a similar day stands at 25.38 million shares. With the index sustaining above its 200-day EMA at 5580 levels, lower accumulation in futures segment indicates skepticism prevailing over the direction in the index.
Like the index, the market-wide open interest stands lowest in last 3 series. Current market-wide open interest stands at Rs1073.64 billion as against 3-month average (E+3 day basis) of Rs1203 billion. Overall volumes in the derivatives segment have declined to Rs612.27 billion as against Rs655.92 billion observed in the penultimate session.
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