Choppy Day: 29 Nov 2011.
Nifty was able to make higher top higher bottom today but was not able to sustain its up move and it closed at 4816.75 down by 53.55 points. Bank Nifty was bit weak today as it broke yesterday’s range on both the side and closed lower at 8627.90 down by 182 points. Volumes were better than yesterday on all parameters namely, traded quantity, traded value, no. of trades and no. of contracts. Open Interest in Nifty futures across all series improved by 9.5 lac shares and stood at 2.36 Cr shares. Bank Nifty too showed increase in Open Interest by 18 k shares and stood at 20.8 lac shares. Put Call Ratio stood at 1.04 up from yesterday’s level of 1. Volatility as measured by India VIX was stable at 26.87.
Top five individual stocks which attracted higher volumes were SBIN, ICICIBANK, RELIANCE, TATASTEEL and TATAMOTORS.
Top five individual stocks which gained today were HINOILEXP 5%, DISHTV 4%, HAVELLS 4%, GSPL 3% and PTC 3%.
Top five individual stocks which lost ground were PANTALOON -12%, KFA -8% BALRAMCHINI -7% EKC -7% and FINANTECH -6%.
Top five individual options which attracted higher activity today were SBIN 1800 CE, TATASTEEL 400 CE, SBIN 1700 PE, RELIANCE 800 CE and RELIANCE 780 CE.
Nifty option series where POSITIVE change in open interest was seen were 4800 CE (3.78 lk) 4900 CE (11.63 lk) 5000 CE (5.66 lk) 5300 CE (1.97 lk) 5400 CE (1.51 lk) 4100 PE (10.28 lk) 4300 PE (2.01 lk) 4500 PE (3.29 lk) 4700 PE (2.18 lk) 4900 PE (1.52 lk).
Nifty option series where NEGATIVE change in open interest was seen were 4000 PE (-3.20 lk) 4200 PE (-1.97 lk).
Outstanding open interest in Out of the Money Call Options stood at 3.30 Cr shares and that of Put Options stood at 4.37 Cr shares. Outstanding open interest in In the Money Call Options stood at 85.60 lac shares and that of Put Options stood at 1.25 Cr shares.
Analysis of today’s data show that Nifty is not able to surpass its resistance level and it attracts selling at higher levels. Under this circumstances probability that Nifty will break 4632 and make a newer low is very much alive. My view in long term is still bearish and I feel that if we break 4600 level decisively, we will visit 4300 -4500 range and around that level we might make a bottom. But in short term till the time Nifty is making higher top higher bottom 5050 can not be ruled out. Bull traders can take a punt with stop loss below 4630 and price objective of 5050. Statutory warning: Stop loss is must for traders.
Atul Doshi
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