Bank Nifty index underperformed the Nifty index by ~0.6% for the fourth consecutive week, with both the indices closing the week in the red.
The Nifty witnessed an unwinding of long positions as the open positions decreased along with a fall in the underlying price. However, the index continued to trade in a strong higher top higher bottom chart structure on the daily timeframe.
Adani Group stocks were among the top underperformers witnessing an addition of fresh short positions during the week.
FIIs index futures long/short for the June series hovered around ~2.5x, in the favour of the bulls.
On the options front (June 24, 2021 expiry), the Nifty 15400PE strike price has witnessed fresh writing, hinting at a formation of a floor level for the index around the mentioned strikes in the coming days.