Nifty Under Pressure Failed To Cross 7900
Post Market Commentary
In today's trading session Nifty gave a gap down opening, and hit a day's low at 7804.10 levels in the early trading session and cautiously started to trade higher levels, after midsession. The Nifty had started to pick up the strength on the higher side and hit a day high at 7883 levels but thereafter in the last trading hour, it started to slip from higher levels finally settling with 22.55 points positive at 7868.50 level.
The market breadth for the Nifty has remained positive in today’s trading session. The advance decline ratio ended on the positive side. 27 stocks closed with green mark whereas, 23 stocks closed in red.
Top Nifty Gainers: LUPIN was top gainer gain with 3.62% followed by TATAPOWER, HCLTECH, INDUSINDBK and GAIL.
Top 5 Nifty Losers: ONGC was the top loser with loss of 3.99% followed by NMDC, COALINDIA, TATASTEEL and TATAMOTORS.
In today’s trading session CNX IT sector was top gainer gain with 2.22 % whereas CNX METAL sector was the top loser, with a loss of 1.65%.
The Asian markets quoted mixed figures; China's Shanghai Composite was up by 0.86%, Hong Kong's Hang-Seng down by 0.97% , while Japan's Nikkei was decline by 2.76%.
European market also traded in red, London's FTSE 100 index was down by 0.19%, while the German DAX declined by 0.63% and the French CAC was down by 0.19%
Derivative Analysis
The Nifty October futures open interest has increased by 31.45%. Bank Nifty October futures open interest has increased by 38.96%. Nifty market closed at 7,868.50 levels & Bank Nifty closed at 17,196.65 levels.
The Nifty October future closed at a premium of 27.4 point.
The November series closed at a premium of 61.5 points.
The Implied Volatility of ‘at the money’ options has increases by 0.94%.
Nifty PCR-OI has sustained at 1.16 levels.
Interpretation: On the basis of above data, its observed that 7800 may act as strong Support & 8300 may act as strong resistance for Nifty Index. Further moment for the index would be on the positive side.