Data Feeler: Nifty future witnessed gap up opening following the better global cues and sustaining above 5700 psychological area it saw short covering rally towards 5740 zone in the first hour of trades. Nifty after a big fall in last few trading sessions may now witness some relief rally towards 5800-5850 levels. Nifty future for the day, if sustains above 5700 levels then bounce back may be continued towards 5750-5780 levels. Whereas sustaining below 5680 levels may put further selling pressure towards 5650 levels. Looking at the option concentration data for April series, maximum put OI is concentrated at 5600 followed by 5700 strike price and maximum call OI is at 5900 followed by 6000/5800/5700 strike prices. Bank Nifty for the day has immediate support around 11300 levels whereas immediate hurdle around 11500 levels and crossing these levels may trigger for next up move towards11650-11750 levels.
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Put Call Ratio based on Open Interest of Nifty moved down from 0.98 to 0.97 levels. Historical Volatility of Nifty moved down from 16.06 to 15.98 levels and Implied Volatility also moved down from 15.44 to 14.50 levels.
Market witnessed buying interest especially in Realty, CG, Power, HC and Banking space whereas selling pressure was seen only in Metal and Auto sector stocks. Nifty future closed at premium of 22 points as compared premium of 32 points in previous trading session.
The market turnover significantly decreased by 71.7% in terms of number of contracts traded vis-à-vis previous trading day whereas in terms of rupees decreased by 71.3%.
Derivative Calls: Buy on HUL & TATA GLOBAL
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