Nifty Rebound From Lower Levels
Chirag Gothi / 10 Sep 2015
After given gap down opening Nifty cautiously start, to trade higher level, however some value buying followed by short covering help the index to recover its losses.
Post Market Commentary
After given gap down opening Nifty cautiously start, to trade higher level, however some value buying followed by short covering help the index to recover its losses. Thereafter in last trading hour, market started to bounce from 7715 levels and Finally, Nifty settled with 30 points negative at 7788.10 level.
Market breadth for the Nifty Index has remain weak the advance decline ratio ended on the negative side on today’s trading session. 23 stock has been closed with green mark whereas, 27 stock has been closed with red.
Top 5 Nifty Gainers: Tata Motors was top gainer gain with 2.93% followed by Tata Power, Bosh, BPCL,Bajaj Auto.
Top 5 Nifty Losers: NMDC was top looser with loss of 3.07% followed by , Hindalco, HCL Tech, Power Grid and Dr.Reddy.
In today’s trading session CNX AUTO sector was top performer gain with 0.78% whereas CNX IT sector was top loser lose with 0.94%.
The Asian markets were quoting with red; Chinas Shanghai Composite was decline by 1.39%, Hong Kong;s Hang-Seng slip by 2.68% , while Japan;s Nikkei was down by 2.51%.
European market also traded in red mark because of Brazil came under severe selling pressure after Standard & Poor's downgraded the country's credit rating to "junk" grade.Derivative Analysis
The Nifty September futures open interest has increased by 2.13%. Bank Nifty September futures open interest has increases by 5.09%. Nifty market closed at 7,788.10 levels & Bank Nifty marked closed at 16,597.65 levels.
The Nifty September future closed at a discount of 43.3 point.
The October series closed at a premium of 80.9 points.
The Implied Volatility of at the money options has increased by 1.83% .
Nifty PCR-OI has sustain at 1.07 levels.
Interpretation: On the basis of above data,its observed that 7600 may act as strong Support & 8200 may act as strong resistance for Nifty Index. Further moment for the index would be on the positive side.
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