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The stellar rally witnessed in the Nifty and Bank Nifty came to a halt as indices reversed their key resistance area of 10,950-11,000 and 27,000, respectively. Bears took the charge of the market with the Nifty and Bank Nifty declining nearly two percent on a weekly basis. Geopolitical events, depreciating rupee against the dollar and higher crude oil prices led to nervousness among market participants.
Both key indices saw long unwinding and initiation of fresh shorts in index futures towards the fag end of the week. Weekly option data for the Nifty index depicts aggressive call writing of 15 lakh shares at 10,700 and 10,800 strikes. Put writers were jittery and reduced positions across strikes of 10,400 to 10,700, indicating bearishness. The option indicative band is now placed at 10,500-10,800, with outstanding open interest (OI) of around five million shares.
The put-call ratio is headed southwards to 1.35, leading to further selling in the market. Foreign institutional investors (FIIs) turned negative in the Indian market, selling Rs 1,240 crore in index futures. Their long to short ratio in index futures fell from 1.38 to 1.15 as they added significant short positions. In index options, their net put longs (long put-short put) inched higher by 41,840 contracts, while net call longs (long call-short call) fell by 13,281 contracts, signifying a shift in bias.
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