Nifty Dips As Investors Turn "Cautious"

Post Market Commentary:
 
After opening with a gap up on the back of rally in the Asian Peers, the key domestic equity benchmark slipped into the negative territory as traders and investors remain cautios at higher levels and preferred to book profit at higher level. However, stock specific action was seen in market as several stocks from the broader market saw good buying. At the end of day, Nifty settled at 8040 level with a loss of 20 points.

The breadth for the Nifty index has remain negative in today’s trading session, as the advance decline ratio ended on the negative side. Out of 50 stocks 16 stocks closed in the green, whereas 34 stocks closed in the red. 

Top 5 Nifty Gainers: TATAMOTORS was the top gainer gaining with 6.43% followed by M&M, HEROMOTOCO, COALINDIA and SBIN.

Top 5 Nifty Losers: TECHM was the top loser with a loss of 2.49% followed by ICICIBANK, SUNPHARMA, RELIANCE and GAIL.

In today’s trading session CNX Auto Sector was the top gainer gain with 1.64% where as CNX Pharma sector was the top loser lose with 1.00%.  

The Asian markets quoted in green; China's Shanghai Composite jumped by 4.11% today, Hong Kong's Hang-Seng was up by 2.10% , while Japan's Nikkei was also up by 1.29% today.

The European indices traded in mixed, London’s FTSE 100 index was up by 0.96% and the German DAX down by 0.17% and France CAC up by 0.93%

Derivative Analysis:

The Nifty November futures open interest has increases by 3.86%. Bank Nifty November futures open interest has increases by 8.45%. Nifty market closed at 8,040.20 levels & Bank Nifty closed at 17,221.05 levels.

The Nifty November future closed at a premium of 22.85 point.
 
The December series closed at a premium of 69.5 points.

The Implied Volatility of at the money options has decline by 1.02%.  

Nifty PCR-OI has sustain at 0.99 levels.

Interpretation: On the basis of above data,its observed that 8000 may act as strong Support & 8500 may act as strong resistance for Nifty Index. Further moment for the index would be on the positive side.