FPIs hold short positions compared to long positions, on the derivative front: Apurva Sheth

The Nifty is expected to remain rangebound with 18,600 levels acting as a strong resistance and the index likely to consolidate in the 18,500-18,600 range, according to Apurva Sheth, Head of Market Perspectives & Research at SAMCO Securities. He said a decisive close above 18,600 is required for a further uptrend. For Bank Nifty, Sheth expects it to trade sideways and recommends deploying an Iron Condor options strategy to take advantage of the movement. The oil and gas sector is struggling due to weakening demand from top oil consumer China and global economic weakness, while realty and consumer durable stocks have displayed mixed performance due to quarter-ending financials.