Nifty bounces back from lower levels !
Chirag Gothi / 08 Jan 2016
Today's trading session Nifty has given gap up opening and drifted lower as the day proceeded, marking the day's low at 7580 levels in early trading hours, but then later gradually Nifty started to move higher and tested 7364 levels. However towards the grand finale, unfortunately Nifty was not able to sustain this level;and during the last trading hour we have seen selling in Nifty. The market which was led by heavy weights viz. Tata Motors,BPCL,ONGC
Post Market Commentary
Today's trading session Nifty has given gap up opening and drifted lower as the day proceeded, marking the day's low at 7580 levels in early trading hours, but then later gradually Nifty started to move higher and tested 7364 levels. However towards the grand finale, unfortunately Nifty was not able to sustain this level;and during the last trading hour we have seen selling in Nifty. The market which was led by heavy weights viz. Tata Motors,BPCL,ONGC pulled the Nifty towards the higher side. Tata Power was the best performer and gained nearly 3 per cent. In the end nifty closed with a gain of 37 points at 7605 levels.
The breadth of the Nifty index has turn ed from negative to positive in today ’ s trading session, as the advance decline ratio ended on the positive side. Out of 50 stocks, 33 stocks closed in green; and 17 stocks closed in red.
Top 5 Nifty Gainers: TATAPOWER was the top gainer gaining 3.09%; followed by TATAMOTORS, TECHM, POWERGRID and BPCL.
Top 5 Nifty Losers: L&T was the top loser with a loss of 2.45% followed by CIPLA, BAJAJ-AUTO, ADANIPORTS and COALINDIA.
In today ’ s trading session Reality sector was top gainer gaining 2.64% whereas MNC sector was top loser losing 0.41%.
The Asian markets quoted in the mix. China's Shanghai Composite was up by 1.94% today, Hong Kong's Hang-Seng was up by 0.59% , while Japan's Nikkei dragged by 0.39% today.
The European indices traded in green; London ’ s FTSE 100 index was up by 0.69%; and the German DAX was up by 0.77%; and the France CAC was also up by 0.48%.
Derivative Analysis
The Nifty January futures open interest has increases by 3.74%. Bank Nifty January futures open interest has increases by 2.44%. Nifty market closed at 7,601.35 levels & Bank Nifty closed at 16,142.65 levels.
The Nifty January future closed at a premium of 6.4 point.
The February series closed at a premium of 30.4 points.
The Implied Volatility of at the money options has decline by 6.13%.
Nifty PCR-OI has sustain at 0.89% 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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