Nifty and Bank Nifty futures set for consolidation in February series; Here are the key levels to watch for
By Gaurav Arora
The February series Nifty futures started with a premium of around 135 points. The Nifty rolled around 81% and Bank Nifty around 77%. For the Index futures, FII has recently reduced shorts inducing their Net Index Long exposure to 34% which was at 22% at the start of series.
The Index is now likely to consolidate till 21500 is not breached on closing basis, for the rest of Feb series. 21450-21500 might be the immediate support and only a decisive close below it might bring in further downside.
VIX for the Nifty is currently at 16 and likely to remain in the 14 to 18 range implying a range of around 950 points in a month.
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