Markets Uncertain As Nifty Slips Below 8000
Chirag Gothi / 05 Nov 2015
The Indian Market suffered a severe setback today as the Nifty index slipped below its important psychological mark of 8000. The market remained under pressure since the beginning, tracking weak cues from the Asian Peers after Janet Yellen hinted a possibility of rate hike in the month of December. At day end, Nifty closed with a loss of 84 points at 7955. Now going forward, the outcome of the Bihar Election result is key for the domestic markets. If the NDA wins with majority it will lift the sentiments of the market.
Post Market Commentary:
The Indian Market suffered a severe setback today as the Nifty index slipped below its important psychological mark of 8000. The market remained under pressure since the beginning, tracking weak cues from the Asian Peers after Janet Yellen hinted a possibility of rate hike in the month of December. At day end, Nifty closed with a loss of 84 points at 7955. Now going forward, the outcome of the Bihar Election result is key for the domestic markets. If the NDA wins with majority it will lift the sentiments of the market.
The breadth for the Nifty index has remained negative in today’s trading session, as the advance decline ratio ended on the negative side. Out of 50 stocks only 9 stocks closed in the green, whereas 41 stocks closed in the red.
Top 5 Nifty Gainers: COALINDIA was the top gainer gaining with 1.53% followed by NTPC, HEROMOTOCO, ASIANPAINT and BPCL.
Top 5 Nifty Losers: SUNPHARMA was the top loser with a loss of 4.79% followed by VEDL, TATASTEEL, BHEL and BHARTIARTL.
In today’s trading session CPSE INDEX was the top gainer gaining with 0.10% where as CNX Reality sector was the top loser lose with 2.74%.
The Asian markets quoted in mixed; China's Shanghai Composite was up by 1.83% today, Hong Kong's Hang-Seng was down by 0.01% , while Japan's Nikkei was up by 0.99% today.
The European indices traded in mixed, London’s FTSE 100 index was down by 0.50% and the German DAX up by 0.49% while the French CAC was up by 0.56%
The Nifty November futures open interest has increases by 10.07%. Bank Nifty November futures open interest has increases by 10.25%. Nifty market closed at 7,955.45 levels & Bank Nifty closed at 16,995.10 levels.
The Nifty November future closed at a premium of 20.55 point.
The December series closed at a premium of 68.25 points.
The Implied Volatility of at the money options has decline by 0.32%.
Nifty PCR-OI has sustain at 0.92 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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