Nifty Tanks Further
Chirag Gothi / 18 Nov 2015
Indian benchmark index Nifty opened on a flat note following mixed cues from the Asian markets and registered high of 7843 levels in the early trading hour but thereafter the Nifty Index started to lose its strength. In the afternoon trading session the index witnessed sharp falls on the back of the negative cues from the European markets. Finally, at the end Nifty index closed near days low at 7731.80 levels with loss of 105.75 points.
Post Market Commentary:
Indian benchmark index Nifty opened on a flat note following mixed cues from the Asian markets and registered high of 7843 levels in the early trading hour but thereafter the Nifty Index started to lose its strength. In the afternoon trading session the index witnessed sharp falls on the back of the negative cues from the European markets. Finally, at the end Nifty index closed near days low at 7731.80 levels with loss of 105.75 points.
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 11 stocks closed in the green, whereas 39 stocks closed in the red.Top 5 Nifty Gainers: IDEA was the top gainer gaining with 3.40% followed by ASIANPAINT, GAIL, BPCL and COALINDIA.
Top 5 Nifty Losers: HINDALCO was the top loser with a loss of 5.44% followed by INFY, TATASTEEL, PNB and VEDL.
In today’s trading session all sector where treaded in red mark and PSU Bank sector was top loser lose with 2.86%.
The Asian markets quoted in mixed; China's Shanghai Composite was down by 0.98% today, Hong Kong's Hang-Seng was down by 0.34% , while Japan's Nikkei was up by 0.09% today.
The European indices traded in red, London’s FTSE 100 index was down by 0.47% the German DAX up by 0.68% and French CAC was up by 1.03%.
Derivative Analysis
The Nifty November futures open interest has increases by 8.08%. Bank Nifty November futures open interest has increases by 10.2%. Nifty market closed at 7,731.80 levels & Bank Nifty closed at 16,812.10 levels.
The Nifty November future closed at a discount of 4.4 point.
The December series closed at a premium of 35.55 points.
The Implied Volatility of at the money options has increases by 2.60%.
Nifty PCR-OI has sustain at 0.70 levels.
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.
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