Data Feeler: Nifty future after three consecutive trading days fall, witnessed a consolidation move for the entire day with trading in a narrow range of around 30 points. Nifty future for the day, if sustains above 5580 levels then only some relief rally may be seen towards 5620-5650 levels. Whereas sustaining below 5550 levels may put further selling pressure in the market towards 5500 levels. Looking at the option concentration data for April series, maximum put OI is shifted at 5500 followed by 5600 strike price and maximum call OI is at 5700 followed by 5800 strike prices. Bank Nifty for the day has strong support around psychological 11000 levels whereas it has immediate hurdle around 11300 levels, if it breaches downside supp ort levels then one can hedge the long by buying 11000 put options.
Put Call Ratio based on Open Interest of Nifty moved down from 0.81 to 0.8 levels. Historical Volatility of Nifty moved down from 17.49 to 17 levels but Implied Volatility moved up from 15.38 to 16.37 levels.
Nifty future saw increase in OI by 3.76% with a fall in price by 0.23%. Market witnessed buying interest in CD, FMCG, HC, Power, Oil & Gas and Auto space whereas selling pressure was seen in IT, CG, Banking, Metal and Tech sector stocks. Nifty future closed at premium of 16 points as compared to premium of 19 points in previous trading session.
The market turnover decreased by 39.5% in terms of number of contracts traded vis-à-vis previous trading day whereas in terms of rupees decreased by 38.95%.
Derivative Calls: Buy on CIPLA & HPCL.
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