Nifty Continues To March Ahead
Post Market Commentary
In today's trading session the Nifty gave a gap up opening followed by a global rally and hit a day's low at 7874.50 levels in the early trading hours but after mid session Nifty started to climb higher and higher finally Nifty closed at a near high with a total gain of 105.60 points positive and closed at the 7948.90 level.
The market breadth for the Nifty has turned from negative to positive in today’s trading session, the advance decline ratio ended on the positive side. 35 stocks closed in grren whereas, 15 stocks closed in red.
Top Nifty Gainers: CAIRN was the top gainer gaining with 6.44% followed by IDEA, TATASTEEL,GAIL and BHARTIAIRTEL.
Top 5 Nifty Losers: BANKOFBARODA was the top loser with a loss of 2.11% followed by TECHM, SBIN,TATAPOWER and AXISBANK.
In today’s trading session CNX METAL sector was top gainer gain with 3.26% whereas CNX PSU BANK sector was the top loser, with loss of 1.89%.
The Asian markets quoted in mixed figures wherein China's Shanghai Composite was up by 0.50%, Hong Kong's Hang-Seng gain by 1.39% , while Japan's Nikkei was up by 2.63%.
European market trading in red mark,London's FTSE 100 index was down by 2.14%, the German DAX was up by 2.37% and the French CAC was up by 2.62%.
Derivative Analysis
The Nifty October futures open interest has increased by 4.03%. Bank Nifty October futures open interest has increased by 4.08%. Nifty market closed at 7,948.90 levels & Bank Nifty closed at 17,328.00 levels.
The Nifty October future closed at a premium of 38.5 point.
The November series closed at a premium of 71.1 points.
The Implied Volatility of at the money options has decline by 9.01%.
Nifty PCR-OI has sustain at 1.10 levels.
Interpretation: On the basis of above data,its observed that 7800 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.
