The market was in the red in early hours of March 9. The Nifty 50 index traded at 17,679, down 0.43 percent or 75 points as of 10.20am dragged by auto, IT and FMCG names.
On the option front, Call writers were dominant. 17,700 saw most Call writing as they tried to put more pressure on bulls. Put writers were seen shifting lower to 17,600 and 17,550 levels.
“I am bearish on the market,” said Rajesh Swriwastava, a Bengaluru-based derivatives trader, adding that he has short positions on both Nifty and Bank Nifty. “Keep selling Nifty below 17,720 levels with target down 200 points.”
Bank Nifty also saw bearish pressure as the index traded lower.
Sector wise, infra and auto saw a short build-up. The short build-up is a bearish sign that takes place when the price of a stock falls, along with high open interest and volume. On the other hand, power, metals and realty saw long buildup. A long build-up is a bullish sign that happens when open interest and volume increase with the rise in share price.
Shriram Finance, Manappuram Finance, REC, SBI Card and BHEL saw a long build-up. Adani Enterprises saw selling pressure after a six-day rally as it saw a short build-up. Adani Ports also followed suit.
Among others, M&M, ACC, Tech Mahindra, TCS and Balkrishna Industries saw short buildup as well.
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