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The option chain shows that the 1,600 PE of LUPIN May series has strong open interest of more than 1.3 lakh shares, indicating a robust base on the lower side.
Analysts expect the bullish bias to take the Nifty towards new highs in the coming sessions and suggest investors buy the dip
Even though the volatility gauge India VIX has slightly recovered from its previous session lows, analysts suggest investors to wait to see if the index stay near low levels before placing aggressive bets.
In the F&O space, FIIs’ have suddenly changed their stance and shorted significantly in index futures as well as stock futures. FIIs’ net longs of nearly 33,000 contracts turned into net shorts of more than 1 lakh contracts
Going by expectations of high volatility, analysts suggest investors to use any rise as an opportunity to go short and refrain from turning aggressive with their bets.