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February series began with lower open interest base: Angel Broking
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Derivatives Wrap-up by Mrs. Sneha Seth (Derivatives Analyst, Angel Broking): Market had a fabulous run in the previous three consecutive series. However, the January series concluded with some roller coaster move by shedding more than a percent. It was certainly a historical one as we saw Nifty hitting fresh record highs of 14753.55 in the latter half. Unfortunately markets failed to keep up the same momentum as the index corrected from the life time highs and eventually concluded the inaugural series of the calendar year 2021 tad below the psychological mark of 14000. The banking index too finally surpassed the previous life time high of 23613.10 seen a year back. Due to sell-off seen towards the end of the series, the BankNifty ended 3% lower to previous series close.
Quantitative data set up: Nifty likely to trade in 14,000-14,600 range next week
The Nifty has to continue to hold above 14,200 zones to witness a fresh move towards 14,500. Chandan Taparia
Greed and Fear Indicator: Volatility needs to cool down for continued strength (VIX CMP – 20.64)
India VIX was up by 5.5 percent from 19.56 to 20.64 levels week-on-week basis. Volatility needs to cool down below 20 zones to support the bullish market setup and fuel the next rally with the higher market base.
CBOE VIX: CBOE VIX was down by 5.23 percent from 22.75 to 21.56. Volatility rose at the beginning of the week but came down to lower levels, giving support at teh current juncture.
Bulls enter New Year with rollover of long positions in January 2021 series
Rollover stood at 75.94 percent, which is in-line with its quarterly average of 75.59 percent. The overall data indicate that the longs are still in the system and some more steam left on the upside. January 01, 2021 / 09:18 AM IST
Bulls are reluctant to give up and as a result, Nifty50 touched a record high of the 14,000 mark. The last series of 2020 started with long positions in the system and the Bulls kept on adding fresh longs.
The uptrend is so strong that most of the intraday dips were getting bought quickly. Barring a sharp sell-off on 21 December, we haven’t noticed the existence of Bears in this market.