He further added, “so, the broader markets are performing better than the large cap stocks as of now hence if we see then Nifty Realty, Nifty Capital Markets, Nifty Defence are the sectors which have been performing well, however, these sectors don’t have any weight in the. The Nifty hence Nifty has been trading sideways as it components are mostly trading with sideways to negative bias. The options data too suggests sideways momentum as the range of highest call and put concentration is 23,500 and 24,500 on a cumulative basis. The India VIX is also quite low indicating no major move, however, it may show a sharp run up anytime if markets break this range lower due to global inflation concerns. So, to conclude the range bound move is expected to continue on Nifty and BankNifty until the above mentioned range is not broken. The markets are oversold, hence there is a higher chance of recovery but the risk of inflation is also high hence the leverage positions should be hedged.”
