Indian Market Bounce Back On Positive Cues From US
Post Market Commentary:
Nifty gave a gap up start in today’s trade afterwards it slowly but steadily started gathering steam and surged by over half a percent by noon trade. The reason for such bounce is market was oversold & positive cues from US Federal Reserve. Finally Nifty closed at 7823 levels with a gain of 106 points.
Market breadth for the Nifty Index remains weak as the advance decline ratio ended on the positive side today. 44 stocks has been closed with green mark whereas, only 6 stocks has been closed with red.
Top 5 Nifty Gainers: CAIRN was top gainer gain with 5.78% followed by Tata Steel, HDFC, Axis Bank, Ultratech Cement.
Top 5 Nifty Losers: Idea Cellular was top looser with loss of 3.01% followed by BPCL, BOSH, LUPIN, HeroMoto Corp.
In today’s trading session CNX METAL sector was top performer and all sectors closed in green mark except CNX PHARMA loss with 0.18%.
The Asian markets were quoting green; China's Shanghai Composite was closed today, Hong Kong's Hang-Seng also closed today, while Japan's Nikkei was up by 86.99 point.
European market has given positive start and investor is looking on ECB meeting.
Derivative Analysis
The Nifty September futures open interest has increased by 1.76%. Bank Nifty September futures open interest has decline by 6.78%. Nifty market closed at 7823.00 levels & Bank Nifty marked closed at 16555.40 levels.
The Nifty September future closed at a premium of 23.65 point.
The October series closed at a premium of 67 points.
The Implied Volatility of at the money options has decline by 9.51 per cent.
Nifty PCR-OI has sustain at 1.08 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.
