The market was volatile in early hours of trade on March 14 that made it difficult for traders. The Nifty 50 index traded down 58 points or 0.34 percent at 17,097 level at 10.30am. Nifty futures was down 0.3 percent.
On the option front, 17,200 saw most call writing followed by 17,100 and 17150 as bears tried to create further pressure on the index. 17,100 also saw put writing which signals that bulls are giving a fightback.
Rajesh Sriwastava, a derivatives trader based in Bengaluru, said he had to square off some trades in the morning as the market changed direction multiple times. He said overall he was bearish on the market and is selling calls.
All sectoral indices on NSE traded with cuts, which shows that the selling is market wide. Similar pressure was also seen in F&O segment as most of them saw short buildup, which is bearish in nature. A few sectors saw a tinge of bullishness but that is not likely to sustain, traders believe.
Adani Enterprises saw massive bear pressure after some resilience shown in the last couple of days. Adani Ports followed the trend. It is worth noting that both counters have seen massive put unwinding in the last session.
Among other that saw short buildup are Coforge, Bandhan Bank, Intellect Design and Mphasis.
GMR Infra, NMFC, Petronet LNG and PVR were among those that saw long buildup, which is bullish phenomenon.
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