Indian stocks may be unfazed by Iran reprisal attacks unless Israel responds
₹8,027 crore and trimmed their bullish derivatives bets the next day. Buying by DIIs worth ₹6,341.53 crore limited the losses. Indeed, retail and HNIs turned aggressively bullish on Friday while proprietary traders took a bearish stance and FPIs trimmed their bullish bets.
From being cumulatively net short 16,088 index futures (Nifty and Bank Nifty) contracts on Wednesday, retail and HNI, designated client by NSE, initiated bullish bets of a net 3814 contracts on Friday. They also were cumulatively long 31,133 Nifty and Bank Nifty (index) call options and short 432,609 index puts. A person selling or shorting puts is bullish.
Stacked against them were proprietary traders, who held 20,641 short index futures contracts, 72,720 short index call option (Nifty and Bank Nifty) contracts and long 2.23 lakh index put contracts . A call seller and put buyer indicate bearish markets. FPIs trimmed their cumulative bullish index futures bets by 17,834 contracts to 33448 on Friday, while cumulative long index call contracts were at 41587 contracts , down from 1.4 lakh contracts on Wednesday.
Kruti Shah, quantitative analyst at Equirus, said the uptrend would sustain as long as markets don't break below the crucial support of 21800-22000. The Nifty closed last week at 22519.40. Shah expects the market to be supported by TCS, which put up a "decent show" in Q4.
Weekly options show the support at 22200 and the resistance at 22700. The Nifty trades close to its all time high of 22775.7 on 10 April. So far this year, FPIs have net purchased shares worth ₹24,240 crore while DIIs purchased shares worth ₹1.2 trillion.Milestone Alert!
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