Ø Nifty future after a strong pullback run finally take some pause at higher levels with profit booking seen in selected sector stocks however index finally managed to close marginally positive. Nifty future for the day, if it sustains above 5850 levels then rally may be continued towards 5880-5900 levels whereas sustaining below 5820 levels may see profit booking in the market towards 5780-5750 levels. Looking at the option concentration data for May series, maximum put OI is concentrated at 5500 strike price and maximum call OI is placed at 5900 strike price suggesting broader range could be in between 5500-5900 levels. Bank Nifty for the day it has support around 12400 levels whereas the immediate hurdle area is around 12800 levels.
Ø Put Call Ratio based on Open Interest of Nifty moved up from 1.17 to 1.22 levels. Historical Volatility of Nifty moved down from 19.69 to 19.1 levels and Implied Volatility also moved down from 15.54 to 15.1 levels.
Ø Nifty future saw decrease in OI by -0.4% with a rise in price by 0.17%. Market witnessed buying interest especially in HC, IT, Oil & Gas, Tech and Auto sector stocks whereas selling pressure was seen in CG, CD, Realty, Banking, PSU and Metal space. Nifty future closed at discount of 2 points as compared to discount of 2 points in previous trading session.
Ø The market turnover decreased by 1.8% in terms of number of contracts traded vis-à-vis previous trading day whereas in terms of rupees decreased by 1.2%.
Ø Derivative Calls: Buy on DRREDDY & RELIANCE IND
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