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Nifty had an excellent week as it finished on a positive note on all five days. The Nifty futures closed well above the 4,800-mark at 4,841.8 and also put in a gain of over 3.1 per cent over its previous week’s close of 4,695.65 points.
while it sea sawed between premium and discount to its spot it managed to finish with a premium of 12 points. Nifty spot ended at 4829.55.
In all, the Nifty futures open interest jumped to 2.99 crore shares over its previous week’s close at 2.77 crore shares.
Though the overall bullish undertone remains, I feel the current rally may be close to tiring itself out.
It, therefore, may not come as a surprise if the Nifty futures went into a corrective phase next week.The outlook will remain bullish as long as the Nifty futures trade above 4,450, failing which it has the potential to weaken to 4,250 and then to 3,850.
OptionS
For the first time, the December 3,200 Nifty put entered the active zone , wallah..there are people who believe that market can crash to 3200. Likewise, 4,800 March Nifty 2010 call also turned active. In the October series, call options with strikes 5,300 and 5,100 and puts at strike 4,800 were the most active.
In the current month series, the accumulation of open interest was high in Nifty 4,600 put and Nifty 4,900 call. This indicates that the Nifty could move in a 4,600-4,900 range.
•Consider going short on Nifty futures with a stop-loss at 4,900. The stop-loss can be adjusted suitably going forward, so as to protect the profits, should the Nifty open on weak note on Monday. Traders could book profits at 4,600 level.
•Set a bear put spread between Nifty strikes 4,700 and 4,800. You can buy the 4,800 put, which closed at Rs 81 and sell 4,700 put which closed at Rs 49.
Essentially, a low-risk and limited return strategy; this will help you play any downside in the market next week.