Market Tanks Ahead Of US Job Data
Post Market Commentary
As per our expectation, Indian equity market, Nifty opened in red. As investors concerns that the U.S. jobs report, as it is widely expected to be 5.2% as compare to 5.3% that we saw last time. Global cues were weak with Asian markets kicking off the last trading day of the week. Nifty gave a negative start in today’s trading session, afterwards it slipped lower and extended its loss, Nifty index slipped below the psychological level of 7,700. Finally Nifty closed at 7655.05 levels with loss of 167.95 points in today’s trade.
Market breadth for the Nifty Index remains weak as the advance decline ratio ended on the negative side today. Only 4 stocks closed with green mark whereas, and rest of the 46 stock closed in red.
Top 4 Nifty Gainers: BPCL was top gainer gain with 1.47% followed by Coal India, Bharti Airtel, and Lupin.
Top 5 Nifty Losers: Vedanta was top looser with loss of 4.99% followed by GAIL, Tata Power, Tata Steel, and Hindalco.
In today’s trading session all sector closed in red mark and CNX REALTY sector was top looser and was down by 3.62 per cent.
The Asian markets were quoting with red mark; China’s Shanghai Composite declined by 6.46 points, Hong Kong’s Hang-Seng slipped by 91.02 point, while Japan’s Nikkei was down by 390.23 point in today’s trade.
European market gave negative opening in today’s trading session as fear of US Unemployment Rate (Aug).
Derivative Analysis
The Nifty September futures open interest has increased by 8.87%. Bank Nifty September futures open interest has increased by 3.85%. Nifty market closed at 7655.05 levels & Bank Nifty marked closed at 16160.00 levels.
The Nifty September future closed at a premium of 7 point.
The October series closed at a premium of 50.75 points.
The Implied Volatility of at the money options has increased by 9.56 per cent.
Nifty PCR-OI has sustain at 1.02 levels.
Interpretation: On the basis of above data, its observed that 7500 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.
