Nifty Settles At 8050 Level
Chirag Gothi / 02 Nov 2015
The Indian benchmark indices could not get any respite in the new month and continued its losing spree for the sixth consecutive trading session. The weakness was seen in domestic market as a direct consequence of negative news flow from the Asian peers. Weak earnings announcements and report of India’s Manufacturing Purchasing Index, posting a 22-month of 50.7 in October against 51.2 in the month of September, further dampened market sentiments. However, buying in index heavyweights Reliance held market and Nifty settled at 8050 with loss of 15 points.
Post Market Commentary:
The Indian benchmark indices could not get any respite in the new month and continued its losing spree for the sixth consecutive trading session. The weakness was seen in domestic market as a direct consequence of negative news flow from the Asian peers. Weak earnings announcements and report of India’s Manufacturing Purchasing Index, posting a 22-month of 50.7 in October against 51.2 in the month of September, further dampened market sentiments. However, buying in index heavyweights Reliance held market and Nifty settled at 8050 with loss of 15 points.
The breadth for the Nifty index has has turn from negative to positive in today’s trading session, as the advance decline ratio ended on the positive side. Out of 50 stocks 32 stocks closed in the green, whereas 18 stocks closed in the red.
Top 5 Nifty Gainers: TECHM was the top gainer gaining with 3.38% followed by YESBANK, ACC, M&M and COALINDIA.
Top 5 Nifty Losers: BAJAJ-AUTO was the top loser with a loss of 4.68% followed by TATASTEEL, VEDL, HINDALCO and SUNPHARMA.
In today’s trading session Reality Sector was top gainer gain with 0.85% where as CNX Metal sector was top loser lose with 2.10%.
The Asian markets quoted in red; China's Shanghai Composite declined by 1.69% today, Hong Kong's Hang-Seng was down by 1.21% , while Japan's Nikkei was slipped by 2.14%.
The European indices traded in mixed, London’s FTSE 100 index was down by 0.05% and the German DAX up by 0.68% and France CAC up by 0.37%.
Derivative Analysis:
The Nifty November futures open interest has decreased by 7.37%. The Bank Nifty November futures open interest has increases by 2.00%. Nifty market closed at 8,050.80 levels & Bank Nifty closed at 17,340.60 levels.
The Nifty November future closed at a premium of 24.6 point.
The December series closed at a premium of 68.7 points.
The Implied Volatility of the money options increased by 8.93%.
Nifty PCR-OI sustained at 0.97 levels.
Interpretation: On the basis of above data,its observed that 8000 may act as strong Support & 8500 may act as strong resistance for Nifty Index. Further moment for the index would be on the positive side.
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