Good Recovery From Bottom Levels

Post Market Commentary

After giving a gap down opening, Nifty made days low in early trading session and cautiously started to trade higher levels, some short covering helped the index to move higher. Thereafter in second trading session, market started to bounce from 7812 levels and finally, Nifty settled with 33.95 points positive at 7845.95 level.

The market breadth for the Nifty turned from negative to positive in today’s trading session, the advance decline ratio ended on the positive side. 30 stocks closed with green mark whereas, 20 stocks closed in red.

Top Nifty Gainers: CAIRN was top gainer gain with 5.01% followed by VEDL, LUPIN, KOTAKBANK and BPCL.

Top 5 Nifty Losers: NMDC was top looser with loss of 4.01% followed by,BOSCH, POWERGRID, TATAMOTORS and IDEA

In today’s trading session BANK NIFTY sector was top gainer gain with 1.32 % whereas CNX INFRA sector was top loser, with lose of 0.33%.

The Asian markets closed in red; China's Shanghai Composite was down by 2.19%, Hong Kong's Hang-Seng down by 2.28% , while Japan's Nikkei was closed today.

European market trading in green,London's FTSE 100 index was up by 1.43%, the German DAX climed 0.71% and the French CAC was up by 0.71%.

Derivative Analysis

The Nifty September futures open interest has declined by 13.61%. Bank Nifty September futures open interest has declined by 14.38%. Nifty market closed at 7,845.95 levels & Bank Nifty closed at 17,255.30 levels.

The Nifty September future closed at a premium of 15.05 point.
 
The October series closed at a premium of 48.05 points.

The Implied Volatility of at the money options has increases by 1.68%.  

Nifty PCR-OI has sustain at 1.04 levels.

Interpretation: On the basis of above data,its observed that 7700 may act as strong Support & 7900 may act as strong resistance for Nifty Index. Further moment for the index would be on the positive side.