Markets Hopeful As Nifty Gains
Chirag Gothi / 19 Nov 2015
The Indian equity benchmark index Nifty gave a gap up opening as the positive cues from Asian and US markets registered a day low at 7765.45 levels in the early trading hours but later the Nifty started to pick up strength and moved higher. In the last hour value buying was seen in heavyweights i.e GAIL, BPCL, HDFC, Infosys. At the end of day the Nifty closed with a gain of 110.95 points at 7842.75 levels.
The Indian equity benchmark index Nifty gave a gap up opening as the positive cues from Asian and US markets registered a day low at 7765.45 levels in the early trading hours but later the Nifty started to pick up strength and moved higher. In the last hour value buying was seen in heavyweights i.e GAIL, BPCL, HDFC, Infosys. At the end of day the Nifty closed with a gain of 110.95 points at 7842.75 levels.
The breadth for the Nifty index turned from negative to positive in today’s trading session, as the advance decline ratio ended on the positive side. Out of 50 stocks 43 stocks closed in the green, whereas only 7 stocks closed in the red.
Top 5 Nifty Gainers: TECHM was the top gainer gaining with 3.55% followed by BAJAJ-AUTO, GAIL, ZEEL and HCLTECH.
Top 5 Nifty Losers: DRREDDY was the top loser with a loss of 2.02% followed by SUNPHARMA, IDEA, COALINDIA and BANKBARODA.
In today’s trading session, the Media sector was the top gainer gaining with 2.76% while the Pharma sector was the top loser with a loss of 0.37%.
The Asian markets quoted in green; China's Shanghai Composite was up by 1.36% today, Hong Kong's Hang-Seng was up by 1.39% , while Japan's Nikkei was up by 1.06% today.
The European indices also traded in green. London’s FTSE 100 index was up by 1.34% and the German DAX was up by 1.64% while the French CAC was up by 0.99%.
Derivative Analysis
The Nifty November futures open interest has increases by 4.03%. Bank Nifty November futures open interest has decline by 7.08%. Nifty market closed at 7,842.75 levels & Bank Nifty closed at 17,071.90 levels.
The Nifty November future closed at a premium of 16.25 point.
The December series closed at a premium of 53.9 points.
The Implied Volatility of at the money options has decliine by 9.04%.
Nifty PCR-OI has sustain at 0.78 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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