Data Feeler: Nifty future finally witnessed relief rally after five days of continuous fall with buying emerged at lower support area around 5500 levels and a strong short covering rally was seen towards 5680 levels on the back of buying seen almost across the board. Nifty future for the day, if it sustains above 5580 levels may rally towards 5620-5650 levels whereas sustaining below 5550 levels may put selling pressure in the market towards 5500 levels. Looking at the option concentration data for April series, maximum put OI is shifted at 5400 followed by 5500 strike price and maximum call OI is at 5700 followed b y 5800 strike prices. Bank Nifty for the day it has strong support around 11000 levels whereas it has immediate hurdle around 11250-11400 levels.
Put Call Ratio based on Open Interest of Nifty moved up from 0.83 to 0.88 levels. Historical Volatility of Nifty moved up from 17.20 to 17.50 levels but Implied Volatility moved down from 16.82 to 16.71 levels.
Nifty future saw increase in OI by 4.72% with a rise in price by 1.15%. Market witnessed buying interest almost across the board especially in IT, Tech, CG, Banking, Realty, Auto, Power, CD and PSU sector stocks whereas selling pressure was seen only in FMCG space. Nifty future closed at premium of 5 points as compared to premium of 6 points in previous trading session.
The market turnover decreased by 8.8% in terms of number of contracts traded vis-à-vis previous trading day whereas in terms of rupees decreased by 9%.
Derivative Calls: Buy on HDFCBANK & TATA MOTORDVR
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