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Options setup (Expiry: 16 March)
| Nifty50 Max Call OI | 17,200 |
| Nifty50 Max Put OI | 16,800 |
| Max Pain | 17,100 |
| PCR | 0.68 |
| Bank Nifty Max Call OI | 40,000 |
| Bank Nifty Max Put OI | 39,000 |
| Max Pain | 39,400 |
| PCR | 0.53 |
⭐Metals buck the trend
Tata Steel: ₹108 ▲2 (+2.1%)
The Nifty Metal index (+1.8%) bucked the trend and closed in the green on Wednesday. Shares of heavyweight Tata Steel rose over 2%, while the OI of its March futures contract fell 1.8%, indicating a short covering. This comes after reports suggested that China plans to cut annual crude steel production in 2023 in a bid to curb carbon emissions. Experts believe that China has been cutting steel production every winter, which bodes well for the Indian steel industry, diverting more of its output to exports.
⭐Vedanta repays the loan
Vedanta: ₹280 ▲1 (+0.3%)
Shares of the metal mining major closed higher on Wednesday, while the OI on its March futures contract fell 2.8%, indicating short covering. This comes after Vedanta Resources, Vedanta's parent company, announced that it has fully repaid $250 million in loans from Barclays Bank and Standard Chartered Bank.
⭐GMR Infra plans to raise funds
GMR Infra: ₹41 ▲1 (+4.8%)
Shares of GMR Airports Infra jumped nearly 5% on Wednesday, while the OI of its March futures contract rose 9.4%, indicating a long build-up. This is on the heels of the company's announcement that it will consider fundraising at its board meeting on 17 March. Meanwhile, its subsidiary GMR Hyderabad International Airport also raised ₹840 crore through debentures on Monday.
Disclaimer:
Derivatives trading must be done only by traders who fully understand the risks associated with them and strictly apply risk mechanisms like stop-losses. The information is only for consumption by the client and such material should not be redistributed. We do not recommend any particular stock, securities and strategies for trading. The securities quoted are exemplary and are not recommendatory. The stock names mentioned in this article are purely for showing how to do analysis. Take your own decision before investing.