Nifty Sustains At 7900 Levels

Post Market Commentary
 
In today's trading session the Indian Benchmark Index Nifty had given a gap up opening and made a day low in the early trading hours at 7879.45 levels. Thereafter the Nifty had started to move higher but during mid-noon there was a negative cue from the Chinese market and Nifty started to lose its strength testing the 7894 levels however it sustained above 7900 levels. In the last trading hour we have seen value buying in PSU BANKS i.e BANKBARODA, PNB, and SBI. At the end of day the Nifty closed with a gain of 58.90 points at 7942.70 levels.
  
The breadth for the Nifty index has remained positive in today’s trading session, as the advance decline ratio ended on the positive side. Out of 50 stocks 36 stocks closed in the green, whereas 13 stocks closed in the red and one remained unchanged. 
 
Top 5 Nifty Gainers: BANKBARODA was the top gainer gaining with 5.44% followed by HINDALCO, PNB, SBIN and BOSCHLTD.
 
Top 5 Nifty Losers: IDEA was the top loser with a loss of 2.38% followed by TATAMOTORS, CAIRN, RELIANCE and LUPIN.
 
In today’s trading session, the PSU Bank sector was the top gainer gaining with 3.52% where as the Energy sector was the top loser with a  loss of 0.47%.  
 
The Asian markets quoted in red; China's Shanghai Composite was down by 5.80% today, Hong Kong's Hang-Seng was down by 1.91% , while Japan's Nikkei was down by 0.30% today.
 
The European indices traded in red, London’s FTSE 100 index was down by 0.31%, the German DAX down by 0.09% and the French CAC was down by 0.01%


Derivative Analysis

The Nifty November futures open interest has increases by 4.28%. Bank Nifty November futures open interest has decreased by 15.95%. Nifty market closed at 7,942.70 levels & Bank Nifty closed at 17,370.95 levels.

The Nifty December future closed at a premium of 33.25 point.

The January series closed at a premium of 70.3 points.

The Implied Volatility of at the money options has increases by 025%.  

Nifty PCR-OI has sustain at 1.05 levels.

Interpretation: On the basis of above data,its observed that 7800 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.