Nifty Hits Two Month High; Struggles To Reach 8375 Levels
Chirag Gothi / 23 Oct 2015
Nifty had a gap up opening today following the Asian market cues. It also discounted the ECB news. On Thursday ECB President Mario Draghi said that the European central bank is prepared to undertake another large stimulus package to tackle the lacklustre growth seen in the euro zone. Today morning Moody's Investors Service forecasted that India will have the highest growth rate of 7-7.5 per cent among G20 economies in 2015 and 2016. But by mid session we saw some profit booking; hence the Nifty slipped below 8300 levels and made a day's low at 8280 levels, Finally Nifty had given close at 8295 levels with a gain of 43.75 points.
Post Market Commentary:
Nifty had a gap up opening today following the Asian market cues. It also discounted the ECB news. On Thursday ECB President Mario Draghi said that the European central bank is prepared to undertake another large stimulus package to tackle the lacklustre growth seen in the euro zone. Today morning Moody's Investors Service forecasted that India will have the highest growth rate of 7-7.5 per cent among G20 economies in 2015 and 2016. But by mid session we saw some profit booking; hence the Nifty slipped below 8300 levels and made a day's low at 8280 levels, Finally Nifty had given close at 8295 levels with a gain of 43.75 points.
The breadth for the Nifty index has turned from negative to positive in today’s trading session, as the advance decline ratio ended on the positive side. Out of 50 stocks 33 stocks closed in the green, whereas 17 stocks closed in the red.
Top Nifty Gainers: AXISBANK was the top gainer gaining with 2.98% followed by ITC, CAIRN, HDFC and GAIL.
Top 5 Nifty Losers: IDEA was the top loser with a loss of 7.57% followed by BHARTIARTL, VEDL, LT and MARUTI.
In today’s trading session CNX FMCG sector was the top gainer gain with 1.43% whereas CNX Infra was top loser lose with 1.55%.
The Asian markets quoted in green; China's Shanghai Composite was up by 1.30% today, Hong Kong's Hang-Seng was up by 1.32% , while Japan's Nikkei was jump by 2.07%.
The European indices traded in green mark, London’s FTSE 100 index was up by 0.75% and the German DAX up by 1.34% and France CAC jumped by 1.38%.
Derivative Analysis:
The Nifty October futures open interest has increased by 1.40%. The Bank Nifty October futures open interest has declined by 1.38%. The Nifty market closed at 8,295.45 levels & Bank Nifty closed at 17,934.05 levels.
The Nifty October future closed at a premium of 13 points.
The November series closed at a premium of 49.45 points.
The Implied Volatility of at the money options has declined by 2.58%.
Nifty PCR-OI has sustained at 1.30 levels.
Interpretation: On the basis of above data,its observed that 8200 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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