Nifty Closes Below 7900 With Minor Losses
Chirag Gothi / 23 Nov 2015
The Indian Benchmark Index Nifty opened in the positive territory and moved higher registering a high of 7877.5 levels in the early hour of the trading session. However, as the day progressed the Nifty index erased all gains and started to trade in the negative territory on account of selling in the front line counters and taking cues from its global peers. Finally, the Nifty index closed at 7849 with a minor loss of 7 points.
Post Market Commentary
The Indian Benchmark Index Nifty opened in the positive territory and moved higher registering a high of 7877.5 levels in the early hour of the trading session. However, as the day progressed the Nifty index erased all gains and started to trade in the negative territory on account of selling in the front line counters and taking cues from its global peers. Finally, the Nifty index closed at 7849 with a minor loss of 7 points.
The breadth for the Nifty index has turned from positive to negative in today’s trading session, as the advance decline ratio ended on the negative side. Out of 50 stocks, 22 stocks closed in the green, whereas 27 stocks closed in the red.
Top 5 Nifty Gainers: GAIL was the top gainer gaining with 4.96% followed by HEROMOTOCO, ASIANPAINT, ZEEL and IDEA.
Top 5 Nifty Losers: HINDALCO was the top loser with a loss of 3.63% followed by VEDL, TATASTEEL, ITC and BANKBARODA.
In today’s trading session, the Media sector was the top gainer gaining with 1.88% where as the Metal sector was the top loser losing with 1.81%.
The Asian markets quoted in red; China's Shanghai Composite was down by 0.54% today, Hong Kong's Hang-Seng was down by 0.39% , while Japan's Nikkei was closed today.
The European indices traded in red, London’s FTSE 100 index was down by 0.70%, the German DAX was down by 0.46% and the French CAC was down by 0.97%.
Derivative Analysis
The Nifty November futures open interest has increases by 3.88%. Bank Nifty November futures open interest has decreased by 11.67%. Nifty market closed at 7,849.25 levels & Bank Nifty closed at 17,060.25 levels.
The Nifty November future closed at a premium of 4.05 point.
The December series closed at a premium of 38.25 points.
The Implied Volatility of at the money options has increases by 9.68%.
Nifty PCR-OI has sustain at 0.78 levels.
Interpretation: On the basis of above data,its observed that 7800 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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