Finally A Relief Rally
Chirag Gothi / 08 Sep 2015
Nifty gave positive opening on back of a positive Asian markets opening and climb up after the news on Prime Minister Narendra Modi’s plea India Inc to increase risk-taking appetite and step up investments even as industry leaders pressed for interest rate cut and more policy action to improve ease of doing business. The northbound journey of the index concluded with the close of the session helping the key indices in recovering. Finally Nifty finished the session near its intra-day high at 7688.25 levels with gain of 129.45 points.
Post Market Commentary
Nifty gave positive opening on back of a positive Asian markets opening and climb up after the news on Prime Minister Narendra Modi’s plea India Inc to increase risk-taking appetite and step up investments even as industry leaders pressed for interest rate cut and more policy action to improve ease of doing business. The northbound journey of the index concluded with the close of the session helping the key indices in recovering. Finally Nifty finished the session near its intra-day high at 7688.25 levels with gain of 129.45 points.
Market breadth for the Nifty Index has turn from weak to strong the advance decline ratio ended on the positive side in today’s trading session. 45 stocks closed with green mark whereas, only 4 stocks closed in red.
Top 5 Nifty Gainers: GAIL was top gainer gain with 7.19% followed by Yes Bank, BHEL, Tata Steel, Axis Bank.
Top 5 Nifty Losers: Cairn was top looser with loss of 2.17% followed by Hindustan Unilever, BPCL, Tech Mahindra.
In today’s trading session BANK NIFTY was top performer with a gain of 3.55% and CNX FMCG was worst performer, losing 0.94%.
The Asian markets were quoting mixed; Chinas Shanghai Composite climbed by 90.03 points, Hong Kong’s Hang-Seng bounced back by 684.49 point, while Japan’s Nikkei was down by 433.39 point.
European market climbed higher on today’s trading session, with a strong set of German trade data.Derivative Analysis
The Nifty September futures open interest has increased by 2.39%. Bank Nifty September futures open interest has decline by 4.32%. Nifty market closed at 7,688.25 levels & Bank Nifty closed at 16,350.95 levels.The Nifty September future closed at a premium of 46.65 point.
The October series closed at a premium of 80.85 points.
The Implied Volatility of at the money options has decline by 6.76%.
Nifty PCR-OI has sustained at 1.007 levels.
Interpretation: On the basis of above data,its observed that 7500 may act as strong Support & 8000 may act as strong resistance for Nifty Index. Further moment for the index would be on the positive side.
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