Markets witness volatile trading session ahead of Union Budget

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Markets witnessed extreme volatility in today’s trade. Bank Nifty was the clear outperformer witnessing a smart recovery in the last hour of trade. Kotak Mahindra Bank and HDFC Bank were the major contributors ending 1.93% and 0.43% higher, respectively. MidCap stocks continued to witness selling pressure ending lower for the 5th consecutive session.

Nifty Index February futures witnessed a reduction in open interest to the tune of ~1.58 lakh shares, while Nifty Bank futures witnessed a fresh surge in open interest to the tune of 49,000 shares mainly long positions.

Tracking the Nifty options, heavy option writing was witnessed in out of the money strikes with Nifty 11400CE and 11500CE adding ~10 lakh shares and ~11 lakh shares, respectively, while 10700PE and 10500PE also witnessed a surge in open interest to the tune of ~ 4.3 lakh shares and 4.21 lakh shares, respectively consisting mainly short positions as traders looked to benefit from a drop in implied volatility after the announcement of Union Budget.

  India VIX ended the session at 15.93%, down 2.98%


Nifty:-21 points @ 11027
Bank Nifty: +110 points @ 27379
Top 2 F&O Gainer:KAVERI SEED, TV18 BROADCAST
Top 2 F&O Loser:PC JEWELLER, KAJARIA CERAMICS
Most Active Index Option Contract:
Call Option: 11500CE, O.I: +~11  lakh shares
Put Option:10550PE, O.I: + ~4.39 lakh shares
Nifty Max O.I Strikes:11500CE, 10500PE
Bank Nifty Max O.I Strikes:28000CE, 26500PE (1TH Feb 2018 Expiry)

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