GDP Expectation On Positive Biases Nifty Crosses 8100
Chirag Gothi / 05 Oct 2015
The Nifty gave a blithesome opening on the back of strong Asian cues and continued its northbound journey with great faith, ahead of what Government Secretary Ratan Watal said at a press conference in today afternoon along with other secretaries and the Chief Economic Advisor. He said that the revenue collection will fall short by Rs 50,000 crore but expressed confidence that economic growth will exceed 7.5 percent, with fiscal deficit remaining within the budgeted target.
The Nifty gave a blithesome opening on the back of strong Asian cues and continued its northbound journey with great faith, ahead of what Government Secretary Ratan Watal said at a press conference in today afternoon along with other secretaries and the Chief Economic Advisor. He said that the revenue collection will fall short by Rs 50,000 crore but expressed confidence that economic growth will exceed 7.5 percent, with fiscal deficit remaining within the budgeted target. He continued by saying, "Our macro-fundamentals remain strong. We are now better placed to handle unforeseen external shocks and to put India firmly on the path of economic recovery and inclusive prosperity." Finally the Nifty closed a near day high with a large gain of 168.40 positive positive and given closed near days high at 8119.30 level.
The market breadth for the Nifty has turned from negative to positive in today’s trading session, the advance decline ratio ended on the positive side. 44 stocks closed with green mark whereas, only 6 stocks closed in red.
Top Nifty Gainers: TATASTEEL was the top gainer gain with 6.24% followed by TATAMOTORS, ICICIBANK, BOSCHLTD, HDFC
Top 5 Nifty Losers: MARUTI was top looser with loss of 3.46% followed by DRREDDY, LUPIN, HINDUNILEVER, WIPRO
In today’s trading session all sectors closed with green mark and CNX Finance sector was top gainer gain with 3.75%.
The Asian markets quoted in mixed figures; China's Shanghai Composite gained with 0.5% today, Hong Kong's Hang-Seng climbed 1.59% , while Japan's Nikkei was up by 1.56%.
European market trading in red mark, London's FTSE 100 index was up by 1.95%, the German DAX was down by 2.16% and the French CAC was up by 2.90%.
Derivative Analysis
The Nifty October futures open interest has increased by 10.74%. Bank Nifty October futures open interest has increased by 4.80%. Nifty market closed at 8,119.30 levels & Bank Nifty closed at 17,674.05 levels.
The Nifty October future closed at a premium of 25.55 point.
The November series closed at a premium of 61.35 points.
The Implied Volatility of at the money options has decline by 0.55%.
Nifty PCR-OI has sustain at 1.20 levels.
Interpretation: On the basis of above data,its observed that 8000 may act as strong Support & 8300 may act as strong resistance for Nifty Index. Further moment for the index would be on the positive side.
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