Metal stocks shines; Nifty call writers active at 14,800

It has been a roller-coaster ride on D-Street as the key benchmark indices came off the day’s high. Earlier in the day, Nifty had touched a high of 14,854.50 and it is currently trading a tad below the 14,750 mark. Meanwhile, Sensex traded just below the 49,900 mark. The broader markets were seen outperforming the frontline gauges with Nifty Mid-cap and Small-cap gaining 0.99 per cent and 0.73 per cent, respectively. The market breadth was strong. India VIX had cooled off by 1.77 per cent.   

Global cues: Dow Jones 30 Future was up by a quarter of a per cent while Nasdaq Futures was up by half a per cent. In the last trading session, technology stocks came under hammering and the tech-heavy Nasdaq fell more than 2.5 per cent.   

Majority of Nifty sectoral indices traded in the green, with Nifty Realty and Nifty Metal leading the way. Nifty Metal index has gained about 4 per cent in the current week. Stocks from the metal sector showed positive strength. Jindal Steel was up by 4.26 per cent along with the open interest built up of 21.23 per cent. Similarly, Hindalco was up by about 4.25 per cent along with the open interest built up of 17.64 per cent. Tata Steel has seen an open interest built up of 14.63 per cent and its stock is up by 3.3 per cent.   

On the options’ front, February expiry put & call writers are seen adding position at 14,800 strikes, indicating pivotal level for February 2021  expiry. Stock option buzzer: Piramal Enterprises 1,900 and 2,000 call options of February series have gained more than 350 per cent. Meanwhile, Kotak Bank 1,860 & 1,880 PE option of February has soared over 300 per cent.