Nifty Near Two Month High
Chirag Gothi / 16 Oct 2015
The Indian benchmark indices Nifty opened in the red and drifted lower in the early trading hour and showed some accumulation. After announcing hike in diesel prices effective from 16 October, all PSU Energy stocks started to move higher. In the second half of trading session, we have seen a sharp bounce in the Nifty and it hit a day high of 8246.4 levels followed by the positive opening in European market. Finally, the Nifty index gave a close at 8238.15 levels with gain of 58.65 points.
Post Market Commentary:
The Indian benchmark indices Nifty opened in the red and drifted lower in the early trading hour and showed some accumulation. After announcing hike in diesel prices effective from 16 October, all PSU Energy stocks started to move higher. In the second half of trading session, we have seen a sharp bounce in the Nifty and it hit a day high of 8246.4 levels followed by the positive opening in European market. Finally, the Nifty index gave a close at 8238.15 levels with gain of 58.65 points.
The breadth for the Nifty index has remained positive in today’s trading session, as the advance decline ratio ended on the positive side. Out of 50 stocks, 37 stocks closed in the green, whereas 13 stocks closed in the red.
Top 5 Nifty Gainers: SBIN was the top gainer gaining with 3.11% followed by LT, BPCL, YESBANK and ASIANPAINT.
Top 5 Nifty Losers: LUPIN was the top loser with a loss of 2.20% followed by ADANIPORTS, IDEA, BANKOFBARODA and TATASTEEL.
In today’s trading session, CNX PSU Bank sector was the top gainer gain with 1.34% whereas CNX Reality was the top loser lose with 1.40%.
The Asian markets quoted in green; China's Shanghai Composite was up by 1.59% today, Hong Kong's Hang-Seng jump by 0.78% , while Japan's Nikkei was up by 1.07%.
European indices traded in green, London’s FTSE 100 index was up by 0.64% and the German DAX up by 0.82% and France's CAC was up by 0.67%.
Derivative Analysis:
The Nifty October futures open interest has increased by 4.59%. Bank Nifty October futures open decreased has increases by 5.99%. Nifty market closed at 8,238.15 levels & Bank Nifty closed at 17,912.85 levels.
The Nifty October future closed at a premium of 23.85 point.
The November series closed at a premium of 62.35 points.
The Implied Volatility of at the money options has decline by 5.21%.
Nifty PCR-OI has sustain at 1.25 levels.
Interpretation: On the basis of above data,its observed that 8100 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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