Lackluster Day: 17.10.2011
On price front, it was listless day. Nifty October Futures opening higher at 5161 taking clues from overseas markets just made a high of 5162, drifted gradually down to 5081 and closed at 5115.85 down by 27.50 points. Bank Nifty too opened higher at 9701.10 made a high of 9788 drifted down to 9656 and closed at 9702.10 up marginally by 28.05 points.
On volume front too, picture was dismal. No.of contracts traded were 42.56 lac & Total Turnover was 1.08 lac Cr., both down from yesterday's level. Put Call Ratio was 1.09 and Volatility as measured by India VIX too was ruling at 25.48. On a day of downward price movement, Open Interest in Nifty of all series has improved by 695150 indicating some shorts being created in markets. Traded volumes were lower than yesterday.
On Stock Futures front, most active counters were SBIN, TATMOTORS, RELIANCE, ICICIBANK, AXISBANK. Top gainers were JPPOWER 5% PETRONET 5% CROMPTON GREAVES 5% BALRAMCHINI 5% TATAMOTORS 4%. Top losers were WELCORP -6%, IVRCL -5%, JINDALSAW -5%, RELIANCE -4%, RELIANCECAP -4%.
On Stock Options front active series were RELIANCE 860 CE, RELIANCE 840 PE, RELIANCE 900 CE, RELIANCE 880 CE, SBIN 1900 CE.
On Nifty Options front, positive change in open interest was seen in 5100 CE (1269500) 5200 CE (1069150) 5300 CE (601700) 5500 CE (238200) 4300 PE (298350) 4500 PE(196950) 5100 PE(121650) while negative change in open interest was seen in 4900 PE(-294600).
On technical front, once again we have witnessed weakness in the markets. Nifty is not able to cross 5175 level. Let me make it clear that there is nothing sacrosanct about 5175 level except the fact that this level acted as major support in bull trend and once it broke it is acting as stiff resistance level.
In conclusion, as said in several other posts, my view in Nifty is still bearish. Unless and until Nifty breaks 5240 & 5360 level decisively, in my opinion money can be made by shorting the Nifty. Though for extremely short term trader 4975- 5030 level might act as immediate support. With this stop loss one can go long to achieve a price target of 5240.
Happy Trading
Atul Doshi
On price front, it was listless day. Nifty October Futures opening higher at 5161 taking clues from overseas markets just made a high of 5162, drifted gradually down to 5081 and closed at 5115.85 down by 27.50 points. Bank Nifty too opened higher at 9701.10 made a high of 9788 drifted down to 9656 and closed at 9702.10 up marginally by 28.05 points.
On volume front too, picture was dismal. No.of contracts traded were 42.56 lac & Total Turnover was 1.08 lac Cr., both down from yesterday's level. Put Call Ratio was 1.09 and Volatility as measured by India VIX too was ruling at 25.48. On a day of downward price movement, Open Interest in Nifty of all series has improved by 695150 indicating some shorts being created in markets. Traded volumes were lower than yesterday.
| EXPIRY | OPEN INT | CHG IN OI | TR QTY | CONT | TRADES |
| 25/10/2011 | 21166600 | 460900 | -3385600 | -67712 | -17705 |
| 24/11/2011 | 2672000 | 172650 | 195900 | 3918 | 1842 |
| 29/12/2011 | 591700 | 61600 | 13850 | 277 | -104 |
| TOTAL | 24430300 | 695150 | -3175850 | -63517 | -15967 |
On Stock Futures front, most active counters were SBIN, TATMOTORS, RELIANCE, ICICIBANK, AXISBANK. Top gainers were JPPOWER 5% PETRONET 5% CROMPTON GREAVES 5% BALRAMCHINI 5% TATAMOTORS 4%. Top losers were WELCORP -6%, IVRCL -5%, JINDALSAW -5%, RELIANCE -4%, RELIANCECAP -4%.
On Stock Options front active series were RELIANCE 860 CE, RELIANCE 840 PE, RELIANCE 900 CE, RELIANCE 880 CE, SBIN 1900 CE.
On Nifty Options front, positive change in open interest was seen in 5100 CE (1269500) 5200 CE (1069150) 5300 CE (601700) 5500 CE (238200) 4300 PE (298350) 4500 PE(196950) 5100 PE(121650) while negative change in open interest was seen in 4900 PE(-294600).
On technical front, once again we have witnessed weakness in the markets. Nifty is not able to cross 5175 level. Let me make it clear that there is nothing sacrosanct about 5175 level except the fact that this level acted as major support in bull trend and once it broke it is acting as stiff resistance level.
In conclusion, as said in several other posts, my view in Nifty is still bearish. Unless and until Nifty breaks 5240 & 5360 level decisively, in my opinion money can be made by shorting the Nifty. Though for extremely short term trader 4975- 5030 level might act as immediate support. With this stop loss one can go long to achieve a price target of 5240.
Happy Trading
Atul Doshi
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