Nifty nearing the December low
Chirag Gothi / 07 Jan 2016
Nifty gave a gap down opening following in the footsteps of the Asian market, especially Chinese stock market has crashed more than seven percent following a steep decline in its currency Yuan. Metal stocks came under selling pressure on concerns that the depreciation of the Chinese Yuan could make imports cheaper.
Post Market Commentary
Nifty gave a gap down opening following in the footsteps of the Asian market, especially Chinese stock market has crashed more than seven percent following a steep decline in its currency Yuan. Metal stocks came under selling pressure on concerns that the depreciation of the Chinese Yuan could make imports cheaper. Oil stocks also tumbled following global crude prices plunging to 11-year lows. VEDL was an under performer which declined by 9 per cent, and eventually the Nifty has given a close portraying a loss of 172 points at 7 568 levels.
The breadth of the Nifty index has remained negative in today ’ s trading session, as the advance decline ratio ended on the negative side. All 50 stocks closed in the red.
Top 5 Nifty Gainers: In today's trading session all stocks closed in red.
Top 5 Nifty Losers: VEDL was the top loser with a loss of 9.00 % followed by CAIRN, BHEL, TATASTEEL and BANKBARODA .
In today's trading session all sectors closed in red whereas Metal sector was top loser dropping by 4.85 %.
The Asian markets quoted in red ; China's Shanghai Composite was down by 7.89 % today, Hong Kong's Hang-Seng was down by 3.18 % , while Japan's Nikkei was also down by 2.39 % today.
The European indices traded in red , London ’ s FTSE 100 index was down by 2.75 % and the German DAX was down by 3.65% , and the France CAC was down by 2.97 %.
Derivative Analysis
The Nifty January futures open interest has increases by 11.58%. Bank Nifty January futures open interest has increases by 6.91%. Nifty market closed at 7,568.30 levels & Bank Nifty closed at 16,073.85 levels.
The Nifty January future closed at a premium of 5.9 point.
The February series closed at a premium of 39.35 points.
The Implied Volatility of at the money options has rise by 14.54%.
Nifty PCR-OI has sustain at .092 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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