Choppy Day: 16.11.2011
Amidst extremely choppy price movements Nifty November Futures closed down by 33.3 points at 5044.90. Today also it made a lower top lower bottom formation. Bank Nifty too followed trend and closed down by 12.55 points at 9068.10 points. It too made a lower top and lower bottom formation. Volumes were extremely higher at 1.80 lac Cr. Open Interest in Nifty November Futures across all the series was down by 196000 and that of Bank Nifty was down by 25000. Put Call Ratio was stable at 0.92 and Volatility as measured by India VIX too was stable at 25.04. Markets today witnessed roller coaster ride as it opened lower by 30 points went down to 5002 than bounced back to 5075 level drifted lower to 4997 and again bounced back to 5080 and closed at 5044.90.
Five Individual Stocks where volumes were high were SBIN ICICIBANK TATASTEEL TATAMOTORS AXISBANK. Top gainers were KFA 18% PANTALOON 14% JUBLFOOD 7% JETAIRWAYS 6% MCDOWELL 5%. Top losers were SREINFRA -10% MUNDRAPORT -8% MPHASIS -8% SINTEX -8% EDUCOMP -6%.
Five Individual Stock Options where volumes were higher were SBIN 1800 CE SBIN 1750 CE TATASTEEL 420 CE SBIN 1700 CE RELIANCE 860 CE.
Nifty Option Series where POSITIVE change in Open Interest was seen were 4900 CE (2.91 lac) 5000 CE (19.02 lac) 5100 CE (5.70 lac) 5200 CE (8.04 lac) 5300 CE (2.67 lac) 5400 CE (3.41 lac) 4700 PE (2.16 lac) 4900 PE (1.37 lac) 5300 PE (1.23 lac). Nifty Option Series where NEGATIVE change in Open Interest was seen were 5500 CE (-2.52 lac) 4800 PE (-6.12 lac) 5100 PE (-8.77 lac) 5200 PE (-2 lac) 5400 PE (-2.96 lac). As can be seen from this data that traders were busy writing Call Options and unwinding Put Options. We can fairly draw a conclusion that traders are not upbeat about the market. Outstanding Open Interest in Out of the Money Put Option was 2.89 lac Cr and that of Call Option was 3.51 Cr shares. Outstanding Open Interest of In the Money Put Option was 1.14 Cr shares and that of Call Option was 49 lac shares.
My analysis of price movement, volume data and technical charts indicates that we are in long term downtrend. Such gyrations, the one we witnessed today can come in the market both because of uncertain global markets and nearing of expiry. Trade cautiously with downward bias and of course with suitable stops.
Happy Trading
Atul Doshi
Amidst extremely choppy price movements Nifty November Futures closed down by 33.3 points at 5044.90. Today also it made a lower top lower bottom formation. Bank Nifty too followed trend and closed down by 12.55 points at 9068.10 points. It too made a lower top and lower bottom formation. Volumes were extremely higher at 1.80 lac Cr. Open Interest in Nifty November Futures across all the series was down by 196000 and that of Bank Nifty was down by 25000. Put Call Ratio was stable at 0.92 and Volatility as measured by India VIX too was stable at 25.04. Markets today witnessed roller coaster ride as it opened lower by 30 points went down to 5002 than bounced back to 5075 level drifted lower to 4997 and again bounced back to 5080 and closed at 5044.90.
Five Individual Stocks where volumes were high were SBIN ICICIBANK TATASTEEL TATAMOTORS AXISBANK. Top gainers were KFA 18% PANTALOON 14% JUBLFOOD 7% JETAIRWAYS 6% MCDOWELL 5%. Top losers were SREINFRA -10% MUNDRAPORT -8% MPHASIS -8% SINTEX -8% EDUCOMP -6%.
Five Individual Stock Options where volumes were higher were SBIN 1800 CE SBIN 1750 CE TATASTEEL 420 CE SBIN 1700 CE RELIANCE 860 CE.
Nifty Option Series where POSITIVE change in Open Interest was seen were 4900 CE (2.91 lac) 5000 CE (19.02 lac) 5100 CE (5.70 lac) 5200 CE (8.04 lac) 5300 CE (2.67 lac) 5400 CE (3.41 lac) 4700 PE (2.16 lac) 4900 PE (1.37 lac) 5300 PE (1.23 lac). Nifty Option Series where NEGATIVE change in Open Interest was seen were 5500 CE (-2.52 lac) 4800 PE (-6.12 lac) 5100 PE (-8.77 lac) 5200 PE (-2 lac) 5400 PE (-2.96 lac). As can be seen from this data that traders were busy writing Call Options and unwinding Put Options. We can fairly draw a conclusion that traders are not upbeat about the market. Outstanding Open Interest in Out of the Money Put Option was 2.89 lac Cr and that of Call Option was 3.51 Cr shares. Outstanding Open Interest of In the Money Put Option was 1.14 Cr shares and that of Call Option was 49 lac shares.
My analysis of price movement, volume data and technical charts indicates that we are in long term downtrend. Such gyrations, the one we witnessed today can come in the market both because of uncertain global markets and nearing of expiry. Trade cautiously with downward bias and of course with suitable stops.
Happy Trading
Atul Doshi
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