F&O Radar: Deploy Short Iron Butterfly in Nifty to gain from range-bound outlook
Nifty witnessed a sharp recovery a day after monthly F&O expiry, to close near the all-time high with gains of 429 points or 1.7% at 24,835. The broader market too ended in green, up by more than 1%.
The Budget was seen hitting the Realty space in the last week while at the same time mixed reactions through markets gave the final verdict with a new ATH close.
The overall performance came in the last two trading sessions as Nifty50 rebounded from 1.414 placed at 24231 to close at record highs. The overall breadth was contributed by mostly heavyweights in Nifty50 except the banks and it is interesting to see that top negative contribution for the week was by top 4 Banking stocks like ICICI, Axis, HDFC Bank and SBI. This also points to underperformance by Bank Nifty in the recent run up.
“Interestingly, The Nifty is sustaining RSI above 70 for the fifth week on a rolling basis at 87.52, which was a bullish signal back in Nov 2023 and May 2023 recently. Both of the time, Nifty sustained and managed to perform well in mid-term with some sideways overdue correction,” said Shrey Jain, Analyst and Founder of SAS Online.
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With all this, there is a mixed signal. Even with Nifty50 posting good gains, the overall breadth of the market has deteriorated in the last two weeks. The number of stocks
