Nifty Closes Below The 8300 Mark
Chirag Gothi / 26 Oct 2015
After opening the day on a positive note, the Indian Benchmark Indices moved in a tight band for first half of the trading session but it slipped below its important psychological mark of 8300 in the mid-afternoon session on the back of selling in select index heavyweights. Investors and traders were cautioned off by reports of Assocham study which hinted that inflation may have cooled off significantly from the last year, but most Indians still find prices of good and service consumed on a daily routine beyond their comfort level. Finally, the Nifty index settled at 8260 with loss of 35 points.
Post Market Commentary:
After opening the day on a positive note, the Indian Benchmark Indices moved in a tight band for first half of the trading session but it slipped below its important psychological mark of 8300 in the mid-afternoon session on the back of selling in select index heavyweights. Investors and traders were cautioned off by reports of Assocham study which hinted that inflation may have cooled off significantly from the last year, but most Indians still find prices of good and service consumed on a daily routine beyond their comfort level. Finally, the Nifty index settled at 8260 with loss of 35 points.
The breadth for the Nifty index has turn from positive to negative in today’s trading session, as the advance decline ratio ended on the negative side. Out of 50 stocks 23 stocks closed in the green, whereas 27 stocks closed in the red.
Top 5 Nifty Gainers: BHEL was the top gainer gaining with 3.41% followed by BAJAJ-AUTO, VEDL, TATASTEEL and HCLTECH.
Top 5 Nifty Losers: ASIANPAINT was the top loser with a loss of 4.62% followed by YESBANK, COALINDIA, HDFC and ULTRACEMCO.
In today’s trading session CNX IT sector was the top gainer gain with 0.21% whereas CNX MEDIA was top loser lose with 1.64%.
The Asian markets quoted in mixed; China's Shanghai Composite was up by 0.52% today, Hong Kong's Hang-Seng was down by 0.15% , while Japan's Nikkei was up by 0.64%.
The European indices traded in mixed, London’s FTSE 100 index was down by 0.22% and the German DAX up by 0.27% and France CAC sliped by 0.55%.
Derivative Analysis:
The Nifty October futures open interest has increased by 2.96%. Bank Nifty October futures open interest has decline by 0.86%. Nifty market closed at 8,260.55 levels & Bank Nifty closed at 17,815.05 levels.
The Nifty October future closed at a discount of 0.25 point.
The November series closed at a premium of 34.55 points.
The Implied Volatility of at the money options has increased by 6.40%.
Nifty PCR-OI has sustain at 1.34 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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