Nifty future has immediate hurdle around 5170 levels if market surpasses these levels and sustain above these levels then rally may be continued towards 5230 whereas on downside sustaining below 5100 levels selling pressure may get intensified towards 5050 or below levels. On option front maximum PUT OI is intact at 4800 strike price followed by 4700 whereas maximum CALL OI lies at 5200 strike price suggesting Nifty has major hurdle around 5200 levels. IVs are decreasing continuously since last week indicating the Volatility are cooling off in the market due to less participation and traders are not willing to take major risk.. Nifty on weekly basis has seen built up on Long front with addition of 6.5% OI along with weekly price gain of 5%.
The PCR OI of Nifty moved up from 1.48 to 1.56 levels. HV of Nifty moved slightly down from 32.69 to 32.33 levels and IV moved down from 27.45 to 25 levels.
Nifty October future closed positive at 5143.35 levels. Nifty future saw decrease in open interest with rise in prices by 2.62%. Market witnessed buying interest in Banking, IT Tech, Oil & Gas, FMCG and Auto sector stocks whereas selling pressure was seen in Realty, Metal and Capital Goods sector stocks. Nifty October future closed at premium of 11 points as compare to previous trading day's discount of 4 points.
The F&O segment of the market saw decrease in turnover as compared to previous trading day. The market turnover decreased by 8.06% in terms of number of contracts traded vis-à-vis previous trading day and in terms of rupees decreased by 7.88%.
Derivative Calls:
ESSAR OIL :Counter looks strong with buying seen at lower levels and ready for upside rally from current levels. Looking at the OI data it has witnessed short covering rally with built up of -1.86%. Sustaining above 83 levels will lead to further short covering followed by fresh built up on long side. One can initiate buy with stop loss below 79 levels and for the target of 87 levels in coming days.
MARUTI :
Counter has given breakdown after a long consolidation phase and looks weak. Till the time it sustains below 1060 levels selling pressure will remain continue and sustaining below 1035 levels it may head towards 990 or below levels. One can initiate sell with stop loss above 1065 levels and for the target of 990 levels in coming days.
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