The trend is likely to be volatile. The index it needs to hold above 20,250 to move towards 20,450 and then 20,600 levels. A slip can result in a decline towards 20,100 and then 20,000
Nifty February series kickstarts with long OI additions of over 4 percent at 0.6 bps. As per experts a sustenance above 21750 is expected to reverse the weak scenario for the index and would place it on a firm footing ahead of the budget
Bank Rollovers on D-1 day are at 57 percent - a tad lower than its 3 months average rolls of 62 percent. It is crucial for Bank Nifty to contribute positively for the overall health of the markets. The expected expiry for Nifty is in the range of 21330 to 21470, while for Bank Nifty, it implies a range of 45450 to 44650.
Significant short covering is observed in Dr Reddy s scrip, with a 4.28 percent surge in the January series future. There is also a notable 3.33 percent decline in cumulative Open Interest (OI) across the current, next, and far series. Call open interest is concentrated at the 6000 and 6100 strikes, while put open interest is prominent at the 5800 strike.