Nifty Sustains Above 7800 Levels

Post Market Commentary
 
The Nifty index gave a gap up opening on the backdrop of a bullish trend in the Asian and US markets. However, in the afternoon trading session the market turned volatile and registered low  of 7793.  In the last hour of trading the bulls regained their momentum and helped the Nifty index to close at 7837 levels gain by 30.95 points.
 
The breadth for the Nifty index has has remained positive in today’s trading session, as the advance decline ratio ended on the positive side. Out of 50 stocks 29 stocks closed in the green, whereas 21 stocks closed in the red. 
 
Top 5 Nifty Gainers: GAIL was the top gainer gaining with 4.02% followed by CAIRN, ITC, VEDL and AMBUJACEM.
 
Top 5 Nifty Losers: BPCL was the top loser with a loss of 2.34% followed by INFY, DRREDDY, BANKBARODA and GRASIM.
 
In today’s trading session FMCG sector was top gainer gain with 2.41% where as PSU Bank sector was top loser lose with 0.50%.  
 
The Asian markets quoted in mixed; China's Shanghai Composite was down by 0.04% , Hong Kong's Hang-Seng was up by 1.14% , while Japan's Nikkei was down by 1.21% today.
 
The European indices traded in green, London’s FTSE 100 index was up by 1.77% and the German DAX up by 1.72% and French CAC up by 2.10%. 
 
  
Derivative Analysis
 
The Nifty November futures open interest has increased by 6.45%. Bank Nifty November futures open interest has increases by 2.93%. Nifty market closed at 7837.55 levels & Bank Nifty closed at 17,140.45 levels.
 
The Nifty November future closed at a premium of 13.45 points.

The December series closed at a premium of 54.35 points.
 
The Implied Volatility of at the money options has declined by 5.06%.

Interpretation: On the basis of above data,its observed that 7700 may act as strong Support & 8000 may act as strong resistance for Nifty Index. Further moment for the index would be on the positive side.