Nifty Dips Further, Closes Below The 8000 mark
Chirag Gothi / 06 Nov 2015
The Nifty index opened on a flat note and traded in the green despite weak Asian market in the morning. In the early trading session the Nifty was up and made a day's high at 8002 levels. In the afternoon session, however, the indices turned volatile as market participants preferred to book profit at higher levels. However, in the late afternoon session some recovery was seen in the market which was led by banking heavy weight i.e SBI , which posted decent quarterly number. At the end, the Nifty closed with a marginal loss of 1.15 points at 7954.30 levels.
The Nifty index opened on a flat note and traded in the green despite weak Asian market in the morning. In the early trading session the Nifty was up and made a day's high at 8002 levels. In the afternoon session, however, the indices turned volatile as market participants preferred to book profit at higher levels. However, in the late afternoon session some recovery was seen in the market which was led by banking heavy weight i.e SBI , which posted decent quarterly number. At the end, the Nifty closed with a marginal loss of 1.15 points at 7954.30 levels.
The breadth for the Nifty index 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 only 27 stocks closed in the green, whereas 23 stocks closed in the red.
Top 5 Nifty Gainers: BANKBARODA was the top gainer gaining with 5.80% followed by SBIN, PNB, KOTAKBANK and COALINDIA.
Top 5 Nifty Losers: DRREDDY was the top loser with a loss of 14.55% followed by BOSCHLTD, TATASTEEL, TATAMOTORS and VEDL.
In today’s trading session CNX PSU Bank was the top gainer gain with 2.75% whereas the CNX Pharma sector was top loser lose with 3.15%.
The Asian markets quoted in mixed; China's Shanghai Composite was up by 1.86% today, Hong Kong's Hang-Seng was down by 0.80% , while Japan's Nikkei was up by 0.77% today.
The European indices traded in mixed, London’s FTSE 100 index was up by 0.03% and the German DAX down by 0.23% while the French CAC was down by 0.77%.
Derivative Analysis
The Nifty November futures open interest has increases by 6.17%. Bank Nifty November futures open interest has increases by 1.82%. Nifty market closed at 7,954.30 levels & Bank Nifty closed at 17,086.50 levels.
The Nifty November future closed at a premium of 31.55 point.
The December series closed at a premium of 75.7 points.
The Implied Volatility of at the money options has increases by 0.49%.
Nifty PCR-OI has sustain at 0.84 levels.
Interpretation: On the basis of above data,its observed that 7900 may act as strong Support & 8200 may act as strong resistance for Nifty Index. Further moment for the index would be on the positive side.
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