A Listless Day: 13.10.2011
On price front, Nifty October futures opened strong at 5135 barely made a high of 5140, drifted all the way down to 5066.10 and finally closed at 5112.85 down by 38.80 points. Bank Nifty showed some resilience by opening strong at 9600.55 made a high of 9665, went down to 9525.10 and finally closed at 9552.35 up by 52.60 points. Both the indices made higher top higher bottom. But overall markets remained listless.
On volume front, total turnover in FO segment was 1.22 lac Cr and no.of contracts were 48.45 lac shares. Put Call Ratio was 1.23 up from yesterday's level of 1.09. Volatility as measured by India VIX was ruling fairly stable at 28.24. Nifty October futures traded quantity, no.of contracts traded and no. of trades were all lower than yesterday. Even Open Interest fell considerably by 1084500 shares.
On stock futures front, actively traded counter on volume parameter were SBIN, ICICIBANK, RELIANCE INFY and TATASTEEL. Top gainers during the day were KFA 11% DCB 7% HOTEL LEELA 6% ADANI POWER 6% ESCORTS 5%. Top losers were WELCORP -5% JINDAL STEIL -5% PANTALOON RET -4% SINTEX -4% PRAJ IND -4%
On stock options front, SBIN 1900 CE, SBIN 2000 CE, SBIN 1950 CE, RELIANCE 860 CE & SBIN 1900 PE.
On Nifty options front, positive change in open interest was seen in 5100 CE (1024800) 5200 CE(957300) 5300 CE(826150) 5400 CE (136000) 5500 CE (206050) 4700 PE (833900) 4800 PE (479100) 5000 PE(395350). Negative change in open interest was seen in 4900 CE (-190650) 5000 CE (-164250) 4400 PE (-161850) 4500 PE (-190800) 4600 PE (-1601400)
On technical charts Nifty Futures was not able to surpass the major resistance zone of 5175. Yesterday's activity showed that we might be able to take out that level but today supply came much before that level and Nifty October futures after opening pretty strong at 5135 barely made a high of 5140 and drifted down to 5066 level. Though Nifty has still closed above its short term to medium term moving averages giving us a hope that it will once again try to breach that level. Extremely short term trading bottom is 4978. One who wants to venture a bull trade can do so with stop at 4975 level.
Finally I may conclude by saying that today was a lackluster day. Traction that we saw in yesterday's rally fizzled out today. As said earlier in this post volumes were lower than yesterday and built up that we saw yesterday in Open Interest was almost nullified today. Bulls are skeptical about sustainability of upward price movements. Extremely short term view can be to buy current level with Stop loss of 4975. Long term markets are still bearish and for a trader with slightly medium to longer term view advise is to venture a short with stop above 5240.
Happy Trading
Atul Doshi
On price front, Nifty October futures opened strong at 5135 barely made a high of 5140, drifted all the way down to 5066.10 and finally closed at 5112.85 down by 38.80 points. Bank Nifty showed some resilience by opening strong at 9600.55 made a high of 9665, went down to 9525.10 and finally closed at 9552.35 up by 52.60 points. Both the indices made higher top higher bottom. But overall markets remained listless.
On volume front, total turnover in FO segment was 1.22 lac Cr and no.of contracts were 48.45 lac shares. Put Call Ratio was 1.23 up from yesterday's level of 1.09. Volatility as measured by India VIX was ruling fairly stable at 28.24. Nifty October futures traded quantity, no.of contracts traded and no. of trades were all lower than yesterday. Even Open Interest fell considerably by 1084500 shares.
On stock futures front, actively traded counter on volume parameter were SBIN, ICICIBANK, RELIANCE INFY and TATASTEEL. Top gainers during the day were KFA 11% DCB 7% HOTEL LEELA 6% ADANI POWER 6% ESCORTS 5%. Top losers were WELCORP -5% JINDAL STEIL -5% PANTALOON RET -4% SINTEX -4% PRAJ IND -4%
On stock options front, SBIN 1900 CE, SBIN 2000 CE, SBIN 1950 CE, RELIANCE 860 CE & SBIN 1900 PE.
On Nifty options front, positive change in open interest was seen in 5100 CE (1024800) 5200 CE(957300) 5300 CE(826150) 5400 CE (136000) 5500 CE (206050) 4700 PE (833900) 4800 PE (479100) 5000 PE(395350). Negative change in open interest was seen in 4900 CE (-190650) 5000 CE (-164250) 4400 PE (-161850) 4500 PE (-190800) 4600 PE (-1601400)
On technical charts Nifty Futures was not able to surpass the major resistance zone of 5175. Yesterday's activity showed that we might be able to take out that level but today supply came much before that level and Nifty October futures after opening pretty strong at 5135 barely made a high of 5140 and drifted down to 5066 level. Though Nifty has still closed above its short term to medium term moving averages giving us a hope that it will once again try to breach that level. Extremely short term trading bottom is 4978. One who wants to venture a bull trade can do so with stop at 4975 level.
Finally I may conclude by saying that today was a lackluster day. Traction that we saw in yesterday's rally fizzled out today. As said earlier in this post volumes were lower than yesterday and built up that we saw yesterday in Open Interest was almost nullified today. Bulls are skeptical about sustainability of upward price movements. Extremely short term view can be to buy current level with Stop loss of 4975. Long term markets are still bearish and for a trader with slightly medium to longer term view advise is to venture a short with stop above 5240.
Happy Trading
Atul Doshi
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