Market Falls Following BJP Defeat In Bihar
Chirag Gothi / 09 Nov 2015
The Nifty index gave a gap down opening in the morning's trading session, as the BJP-led NDA suffered a crushing defeat in the Bihar state assembly Election, which could impact the Union government's reforms agenda going forward. All 50 stocks were trading in red in the morning session.After this drastic fall, however, the value buying was seen in heavy weights like Tata Motors, SBI Bank, ITC, Reliance Industry. At the end nifty closed with losses of 39.10 points at 7915.20 levels.
Post Market Commentary:
The Nifty index gave a gap down opening in the morning's trading session, as the BJP-led NDA suffered a crushing defeat in the Bihar state assembly Election, which could impact the Union government's reforms agenda going forward. All 50 stocks were trading in red in the morning session.After this drastic fall, however, the value buying was seen in heavy weights like Tata Motors, SBI Bank, ITC, Reliance Industry. At the end nifty closed with losses of 39.10 points at 7915.20 levels.
The breadth for the Nifty index has 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 18 stocks closed in the green, whereas 32 stocks closed in the red.
Top 5 Nifty Gainers: TATAMOTORS was the top gainer gaining with 4.00% followed by BANKBARODA, MARUTI, ASIANPAINT and PNB.
Top 5 Nifty Losers: SUNPHARMA was the top loser with a loss of 5.40% followed by BHEL, CAIRN, DRREDDY and IDEA.
In today’s trading session CNX PSU Bank was the top gainer gaining with 1.41% where as CNX Reality sector was top loser losing 2.14%.
The Asian markets quoted in mixed; China's Shanghai Composite was up by 1.57% today, Hong Kong's Hang-Seng was down by 0.62% , while Japan's Nikkei was up by 1.92% today.
The European indices traded in mixed, London’s FTSE 100 index was up by 0.08% and the German DAX down by 0.50% and France's CAC was down by 0.28%.
Derivative Analysis
The Nifty November futures open interest has increases by 3.36%. Bank Nifty November futures open interest has increases by 3.40%. Nifty market closed at 7,915.20 levels & Bank
Nifty closed at 17,003.00 levels.
The Nifty November future closed at a premium of 22.75 point.
The December series closed at a premium of 64.8 points.
The Implied Volatility of at the money options has decline by 12.49%.
Nifty PCR-OI has sustain at 0.82 levels.
Interpretation: On the basis of above data,its observed that 7800 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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