Nifty continues to disappoint as markets fluctuate
Chirag Gothi / 08 Dec 2015
In today's trading session the Indian Benchmark Index Nifty had opened with a red mark and moved higher making a day high at 7771 levels in the early trading hours. Thereafter the Nifty started to lose its strength and drifted lower testing the 7737 levels. The weak cue from the global emerging market caused the Nifty to move lower.
Post Market Commentary
In today's trading session the Indian Benchmark Index Nifty had opened with a red mark and moved higher making a day high at 7771 levels in the early trading hours. Thereafter the Nifty started to lose its strength and drifted lower testing the 7737 levels. The weak cue from the global emerging market caused the Nifty to move lower. After mid session there was a strong selling by FII and so that caused the Nifty to fall drastically. Finally, the Nifty closed at a near day low with a loss of 63 points at 7701 levels.
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 only 9 stocks closed in the green, whereas 41 stocks closed in the red.
Top 5 Nifty Gainers: HCLTECH was the top gainer gaining with 1.23% followed by TATAMOTORS, BOSCHLTD, TCS and BAJAJ-AUTO.
Top 5 Nifty Losers: CAIRN was the top loser with a loss of 6.22% followed by CAIRN, GAIL, VEDL, DRREDDY and ONGC.
In today’s trading session all sectors closed with the red mark, where the Realty sector was the top loser losing with 4.10%.
The Asian markets quoted in red; China's Shanghai Composite was down by 1.92% today, Hong Kong's Hang-Seng was down by 1.36% , while Japan's Nikkei was down by 1.05% today.
The European indices traded in red, London’s FTSE 100 index was down by 0.57% and the German DAX was down by 0.71%. The French CAC was up by 0.71%.
Derivative Analysis
The Nifty November futures open interest has increases by 3.38%. Bank Nifty November futures open interest has increased by 3.36%. Nifty market closed at 7,701.70 levels & Bank Nifty closed at 16,801.15 levels.
The Nifty December future closed at a premium of 12.3 point.
The January series closed at a premium of 48.3 points.
The Implied Volatility of at the money options has increases by 067%.
Nifty PCR-OI has sustain at 0.83 levels.
Interpretation: On the basis of above data,its observed that 7500 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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