Data Feeler: Nifty future witnessed gap up opening following the better global cues and then northward journey remained continue towards 5840 zone. Nifty has been witnessing sustained buying interest since last week with gain of around 340 points from 5500 zone; traders should now be little bit cautious while making fresh long positions in the Index at current levels as Risk- Reward is not favorable however stock specific move may be continued. Nifty future for the day, if it sustains above 5820 levels then rally may be continued towards 5850-5880 levels whereas sustaining below 5800 levels may see profit booking in the market towards 5750 levels. Looking at the option concentration data for April series, maximum put OI is at 5600 followed by 5700 strike prices and maximum call OI is shifted at 5900 followed by 5800 strike prices. Bank Nifty for the day it has support around 12400 levels whereas the immediate hurdle area is around 12800 levels.
Put Call Ratio based on Open Interest of Nifty moved up from 1.15 to 1.17 levels. Historical Volatility of Nifty moved down from 19.88 to 19.69 levels but Implied Volatility moved up from 15.27 to 15.54 levels.
Nifty future saw decrease in OI by -2.44% with a rise in price by 0.86%. Market witnessed buying interest almost across the board especially in CD, Realty, CG, Banking, Metal, Power, PSU, FMCG, Auto and HC sector stocks whereas selling pressure was seen only in IT & Tech space. Nifty future closed at discount of 2 points in previous trading session.
The market turnover increased by 4% in terms of number of contracts traded vis-à-vis previous trading day whereas in terms of rupees increased by 4.57%.
Derivative Calls: Buy on GODREJIND & BHEL.
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