
Bulls take a break as Iran war enters the second week
bullish investors and traders are carrying forward fewer long positions despite the market falling nearly 3% since the war began last Saturday through 24,450.45 last Friday.The value of the marketwide calls exceeded that of marketwide puts by ₹2.71 trillion on Friday, down from ₹4.34 trillion a week ago before the war began, said Rohit Srivastava, founder of analytics firm IndiaCharts."This decline clearly indicates that bulls are not buying the dip, in turn reflecting the lingering uncertainty among investors amid the escalation of the West Asia conflict," said Srivastava.He added that the figure of ₹2.71 trillion worth of excess calls over puts was close to the historic mean of ₹2.5-2.6 trillion, an "anomaly" after the recent market fall.
Srivastava cited the sharp bounce in markets a day after the call value exceeded the put value by a record ₹5.4 trillion a day before the Indo-US interim trade deal announcement on 2 February.The trade deal, which saw US reciprocal tariffs on Indian goods being slashed to 18% from 25% and the 25% punitive tariff being removed, drove the market up 4.8% from 24825.4 on 1 February through a high of 26009.4 on 11 February.Again, on 13 February, after the value of calls over puts hit ₹5.19 trillion, the Nifty bounced 1.6% from a close of 25471 to a high of 25885.3 on 19 February, cites IndiaCharts .However, in the current fall since the war began, there has been no such rise in call value, indicating that investors and traders alike remain unsure of buying the dip due to uncertainty over the duration and intensity of the war, says Kruti Shah, quant analyst at Equirus."In fact, the near 3% fall in markets last Friday to this one (24450.45 on this Friday) has broken the crucial market
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