Data Feeler: Nifty future continued it southward journey for the third consecutive trading day with sell off seen witnessed strong sell off seen many frontline counters. Nifty traded in the red territory for the almost entire trading session on Friday with facing strong hurdle near psychological 5600 mark. Nifty future for the day, if sustains above 5600 levels then only some relief rally may be seen towards 5650 levels. Whereas sustaining below 5570 levels may put further selling pressure in the market towards 5550-5520 levels. Looking at the option concentration data for April series, maximum put OI is concentrated at 5600 followed by 5500 strike price and maximum call OI is at 5700 followed by 5800 strike prices. 5600 puts unwin ding was seen suggesting pressure may remain continue till the time it is holding below 5600 psychological levels whereas if it sustains above this area then strong short covering move could not be ruled out in the market. Bank Nifty for the day has strong support around psychological 11000 levels whereas it has immediate hurdle around 11300 levels.
Put Call Ratio based on Open Interest of Nifty moved down from 0.88 to 0.81 levels. Historical Volatility of Nifty moved down from 17.95 to 17.49 levels but Implied Volatility moved up from 15.29 to 15.38 levels.
Nifty future saw increase in OI by 6.24% with a fall in price by 0.38%. Market witnessed marginal buying interest in Oil & Gas, Auto, Metal and PSU space whereas selling pressure was seen in FMCG, CD, CG, Power, Banking, Tech, Realty and IT sector stocks. Nifty future closed at premium of 19 points as compared to premium of 18 points in previous trading session.
The market turnover decreased by 14.6% in terms of number of contracts traded vis-à-vis previous trading day whereas in terms of rupees decreased by 14.8%.
Derivative Calls: Buy on ONGC & Sell on HDFC LTD.
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