A Not So Happy Diwali For The Nifty

Post Market Commentary:
 
Nifty gave a negative start in the morning session slowly and steadily and then started to lose its strength and drifted by over half a percent by noon trade. The sharp fall is owing to the solid US October Jobs data and firm earnings growth and negative cues from US Federal Reserve. The heavy weight stocks i.e Dr.Reddy, Cairn India, Lupin and Reliance India dragged down Nifty at lower levels. Finally Nifty gave close near days low at 7783.35 levels with lose of 131.85 points
 
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 7 stocks closed in the green, whereas 43 stocks closed in the red. 
 
Top 5 Nifty Gainers: HEROMOTOCO was the top gainer gaining with 2.18% followed by MARUTI, BAJAJ-AUTO, BANKBARODA and M&M.
 
Top 5 Nifty Losers: DRREDDY was the top loser with a loss of 5.65% followed by CAIRN, LUPIN, AMBUJACEM, and RELIANCE.
 
In today’s trading session Auto sector was the top gainer gain with 0.14% where as Pharma sector was the top loser losing with 3.09%.  
 
The Asian markets quoted in mixed; China's Shanghai Composite was down by 0.12% today, Hong Kong's Hang-Seng was down by 1.45% , while Japan's Nikkei was up by 0.14% today.
 
The European indices traded in red, London’s FTSE 100 index was down by 0.39% and the German DAX was down by 0.47% while the French CAC was down by 0.43%.


Derivative Analysis

The Nifty November futures open interest has increases by 6.85%. Bank Nifty November futures open interest has increases by 4.96%. Nifty market closed at 7783.35 levels & Bank Nifty closed at 16,836.00 levels.

The Nifty November future closed at a premium of 16.7 point.

The December series closed at a premium of 63.8 points.

The Implied Volatility of at the money options has decline by 1.26%.  

Nifty PCR-OI has sustain at 0.73 levels.

Interpretation: On the basis of above data,its observed that 7700 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.