Nifty posted biggest weekly gains since October 2018; up ~3.5% for the week

Nifty & Bank Nifty index posted its biggest weekly gains since October 2018 gaining ~3.5% & ~6% during the week respectively.

Mar 15, 2019 10:03 IST India Infoline News Service

Indian equity markets traded with a positive bias for the major part of the day as banking heavyweights like Kotak Bank and ICICI Bank added fresh long positions with a rise in underlying price by ~ 4% and 2% respectively. Midcap stocks continued their underperformance for the third day in a row as sharp selling was seen in the closing hour of the trade. Nifty FMCG index closed 1.7% lower as major heavyweights like ITC and HUL added open interest to the tune of 24% and 18% respctively, consisting mainly of short positions. Market breadth ended in the favour of declines with the advance/decline ratio closing at 1:1.5x.
Nifty and Bank Nifty index posted its biggest weekly gains since October 2018, gaining ~3.5% and ~6% during the week respectively. Tracking the open positions, from the start of the March F&O series, Bank Nifty futures has added 1.5x in open interest, consisting of mainly long positions.
On the options front (March 20, 2018 expiry), the trend of unwinding of open positions in index call options continued and across the board short covering was witnessed in both Nifty and Bank Nifty ITM Call options. Maximum open interest for the call options stands at 30000CE & 29000PE, indicating a trading range for the index during the current weekly series.

India VIX closed the week at 15.86, up ~7%, as sharp delta move in the underlying assets propelled a panic option buying.
Top 2 F&O Gainers: NBCC & PCJeweller
Top 2 F&O Losers: Relcap & Rpower
Nifty +84 @11,426
Bank Nifty +257 @29,381
Most Active Index Option Contract (20h March)
Call Option 11700CE, O.I.:~ +3.54 lakh shares
Put Option 11400PE, O.I.:~ +10.39 lakh shares
Nifty Max O.I Strikes (March 20th 2019) 11700CE, 11400PE

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