Vacation Mood Day: 04.11.2011
Price movements in markets were sluggish. Though Nifty November Futures managed to close at 5316.85 up by 21 points and Bank Nifty at 9881.60 up by 51.7 points, volumes were lower than yesterday. We are approaching long week end hence cautious behavior was witnessed in the market. Open Interest in Nifty came down by 3.50 lac shares across all the series and Open Interest in Bank Nifty too came down by 34 k shares. Put Call Ratio was bit stable than yesterday at 0.92 and Volatility as measured by India VIX too came down by 5% to 23.43.
Top five Individual Stock Futures which attracted higher volumes were SBIN, JSWSTEEL, ICICIBANK, RELIANCE and TATAMOTORS. Top five individual gainers were HAVELLS 7%, PATNI 7%, JSWSTEEL 6%, ONMOBILE 6%, and SUNTV 6%. Top five individula losers were VIP IND -3% JAIN IRRIG -3% PTC -2% RANBAXY -2% and DHANBANK -2%.
Top five individual Stock Options which attracted higher volumes were SBIN 2000 CE, RELIANCE 900 CE, BHARTIARTL 400 CE, ICICIBANK 900 CE and SBIN 2100 CE.
Nifty Option Series where increase in Open Interest was witnessed were 5400 CE (4 lac) 5500 CE (7 lac) 4900 PE (8 lac) 5000 PE (3 lac) 5200 PE (3 lac) 5300 PE ( 4 lac) Nifty Option Series where decrease in Open Interest was witnessed were 5300 CE (-3lac) 4700 PE (-2lac). Out of the Money Open Interest in Put Options was 3.50 Cr shares and Call Option was 1.88 Cr shares. In the Money Open Interest in Put Option was 62 lac shares and Call Option was 1.06 Cr shares.
Observation of price movements since we broke 5175- 5200 resistance zone decisively, shows that in last 7 days we have not revisited those levels again. It has form some sort of support zone around those levels. Unless and until we break this level once again chances are there we might touch 5470 which is downward sloping trend line and might find some resistance at those levels. Earlier we were trading in a range of 5000 -5175 and now we are trading in a range of 5200-5400 from last 1 week. In a way we have upgraded levels which shows some bullish strength. Let us watch the data for 1 week more, I feel some definite trend will emerge out in coming sessions. Till that time trade the range and watch out for breakout from this wedge formation.
Happy Trading
Atul Doshi
Price movements in markets were sluggish. Though Nifty November Futures managed to close at 5316.85 up by 21 points and Bank Nifty at 9881.60 up by 51.7 points, volumes were lower than yesterday. We are approaching long week end hence cautious behavior was witnessed in the market. Open Interest in Nifty came down by 3.50 lac shares across all the series and Open Interest in Bank Nifty too came down by 34 k shares. Put Call Ratio was bit stable than yesterday at 0.92 and Volatility as measured by India VIX too came down by 5% to 23.43.
Top five Individual Stock Futures which attracted higher volumes were SBIN, JSWSTEEL, ICICIBANK, RELIANCE and TATAMOTORS. Top five individual gainers were HAVELLS 7%, PATNI 7%, JSWSTEEL 6%, ONMOBILE 6%, and SUNTV 6%. Top five individula losers were VIP IND -3% JAIN IRRIG -3% PTC -2% RANBAXY -2% and DHANBANK -2%.
Top five individual Stock Options which attracted higher volumes were SBIN 2000 CE, RELIANCE 900 CE, BHARTIARTL 400 CE, ICICIBANK 900 CE and SBIN 2100 CE.
Nifty Option Series where increase in Open Interest was witnessed were 5400 CE (4 lac) 5500 CE (7 lac) 4900 PE (8 lac) 5000 PE (3 lac) 5200 PE (3 lac) 5300 PE ( 4 lac) Nifty Option Series where decrease in Open Interest was witnessed were 5300 CE (-3lac) 4700 PE (-2lac). Out of the Money Open Interest in Put Options was 3.50 Cr shares and Call Option was 1.88 Cr shares. In the Money Open Interest in Put Option was 62 lac shares and Call Option was 1.06 Cr shares.
Observation of price movements since we broke 5175- 5200 resistance zone decisively, shows that in last 7 days we have not revisited those levels again. It has form some sort of support zone around those levels. Unless and until we break this level once again chances are there we might touch 5470 which is downward sloping trend line and might find some resistance at those levels. Earlier we were trading in a range of 5000 -5175 and now we are trading in a range of 5200-5400 from last 1 week. In a way we have upgraded levels which shows some bullish strength. Let us watch the data for 1 week more, I feel some definite trend will emerge out in coming sessions. Till that time trade the range and watch out for breakout from this wedge formation.
Happy Trading
Atul Doshi
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