Data Feeler: Nifty future turn out to be an extremely volatile trading day with recovery seen in first hour of trades but in the later half of trading session pullback rally fizzled out from higher levels around 5770 till 5655 levels. Nifty future for the day, if sustains above 5700 levels then only bounce back may be seen towards 5750 levels. Whereas sustaining below 5670 levels may put further selling pressure towards 5640-5600 levels. Looking at the option concentration data for March series, maximum put OI is still intact at 5700 followed by 5600 strikes whereas maximum Call OI is at 6000 followed by 5900 strike price. Fresh call writing is seen at 5800 & 5700 strike prices suggesting immediate hurdle area for the markets in very short term. Bank Nifty for the day has immediate support around 11200- 11000 levels whereas strong hurdle around 11500 levels.
Put Call Ratio based on Open Interest of Nifty moved down from 0.89 to 0.83 levels. Historical Volatility of Nifty moved down from 17.64 to 17.61 levels and Implied Volatility also moved down from 17.17 to 16.78 levels.
Nifty future saw decrease in OI by 0.45% with a fall in price by 0.89%. Market witnessed marginal buying interest in CD, IT and Tech space whereas selling pressure was seen especially in Realty, Power, CG, Auto, PSU, Oil & Gas, Metal, HC, FMCG and Banking sector stocks. Nifty future closed at premium of 6 points as compared to premium of 21 points in previous trading session.
The market turnover increased by 27.17% in terms of number of contracts traded vis-à-vis previous trading day whereas in terms of rupees increased by 26.96%.
Derivative Calls: Buy on WIPRO & IGL.
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