Stable Expiry : 24.11.2011
Nifty November Futures saw some respectable closing today. Losing streak which started from 5300 levels ended today by making double bottom around 4632 levels. Nifty November Futures closed at 4755 up by 51.1 points. Bank Nifty too closed at 8476.90 up by 79.5 points. Volumes were lower than yesterday across all the series in both indices though overall turnover was higher due to roll over activity in Stock Futures. Open Interest in Nifty came down by 27 lac shares across all series mainly due to expiry but December Futures saw an increase of 25 lac shares. Put Call Ratio was 1.02 higher than yesterday and Volatility as measured by India VIX was down by 3% at 27.95. All in all some stability was seen today.
Top Five Individual Stocks which saw higher volumes were SBIN RELIANCE ICICIBANK TATASTEEL TATAMOTORS. Top Five gainers were PANTALOON 14% STRTECH 13% IFCI 11% SUNTV 11% and ADANIENT 10%. Top Five losers were MUNDRAPORT -5% GITANJALI -4% SAIL -3% HINDPETRO -3% and TTML -3%.
Top Five Stock Options where volumes were higher were SBIN 1650 CE TATASTEEL 380 CE SBIN 1650 CE TATAMOTORS 1700 CE and INFY 2650 CE.
Open Interest Outstanding on day of expiry has no meaning so it is not worth mentioning.
Analysis of today's data shows that after carnage of last 10 to 11 days November Series ended with some resilience. In the process it has formed some double bottom at 4632 levels. Though movement of one day doesn't grant such liberty to name it as double bottom formation unless and until it is confirmed on other technical parameters. Earlier analysis that, we are in downtrend very much exist and probability of Nifty touching 4300 is very much alive. Short term traders who want to take a punt on bull side can consider 4630 as strict stop loss and trade. Long term we are in bear market and advise is to sell on every rise with requisite stop loss.
Happy Trading
Atul Doshi
Nifty November Futures saw some respectable closing today. Losing streak which started from 5300 levels ended today by making double bottom around 4632 levels. Nifty November Futures closed at 4755 up by 51.1 points. Bank Nifty too closed at 8476.90 up by 79.5 points. Volumes were lower than yesterday across all the series in both indices though overall turnover was higher due to roll over activity in Stock Futures. Open Interest in Nifty came down by 27 lac shares across all series mainly due to expiry but December Futures saw an increase of 25 lac shares. Put Call Ratio was 1.02 higher than yesterday and Volatility as measured by India VIX was down by 3% at 27.95. All in all some stability was seen today.
Top Five Individual Stocks which saw higher volumes were SBIN RELIANCE ICICIBANK TATASTEEL TATAMOTORS. Top Five gainers were PANTALOON 14% STRTECH 13% IFCI 11% SUNTV 11% and ADANIENT 10%. Top Five losers were MUNDRAPORT -5% GITANJALI -4% SAIL -3% HINDPETRO -3% and TTML -3%.
Top Five Stock Options where volumes were higher were SBIN 1650 CE TATASTEEL 380 CE SBIN 1650 CE TATAMOTORS 1700 CE and INFY 2650 CE.
Open Interest Outstanding on day of expiry has no meaning so it is not worth mentioning.
Analysis of today's data shows that after carnage of last 10 to 11 days November Series ended with some resilience. In the process it has formed some double bottom at 4632 levels. Though movement of one day doesn't grant such liberty to name it as double bottom formation unless and until it is confirmed on other technical parameters. Earlier analysis that, we are in downtrend very much exist and probability of Nifty touching 4300 is very much alive. Short term traders who want to take a punt on bull side can consider 4630 as strict stop loss and trade. Long term we are in bear market and advise is to sell on every rise with requisite stop loss.
Happy Trading
Atul Doshi
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