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Markets post sharp selloff; Nifty index underperform

Both the indices added fresh short positions along with a formation of a bearish candlestick on the daily chart.

January 21, 2022 3:45 IST | India Infoline News Service
Domestic markets posted a sharp selloff during the week as across the board long unwinding weighed in. The index Option gamma writers ran for a cover on account of a sharp gamma move in the indices. Nifty index underperformed the Bank Nifty index by ~1.5% with both the indices closing ~3.5%/2% lower. Both the indices added fresh short positions along with a formation of a bearish candlestick on the daily chart.

Midcap IT stocks continued their downward momentum with stocks like Infosys, Tech Mahindra, Mindtree and Mphasis adding fresh short positions.

FIIs index futures long/short for the January series hovered above 1.5x level, in the favour of the bulls.

On the options front (January 27, 2021 expiry), Nifty 17500PE strike price has witnessed fresh writing, hinting a formation of a floor level for the index around the mentioned strikes in the coming days.

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