A Down Day : 01.11.2011
Nifty November future started the day on weaker not and even closed lower by 55.70 points at 5291.40.Bank Nifty November futures followed the trend and it too closed lower by 147.65 points at 9869.05. Volumes were higher compare to yesterday. Open Interest in Nifty November Futures came down by 6 lac approx indicating some Bull unwinding happening in the market. Bank Nifty Open Interest too was marginally lower indicating no new activity happening in the market. Put Call ratio was marginally up to 1.16 level. Volatility as measured by India VIX was at 24 up by 6 % indicating players are bit weary and they see some price risk increasing in the markets.
Top five individual stock futures which attracted higher volumes were SBIN, ICICIBANK, TATAMOTORS, PNB and RELIANCE. Top five gainers were HAVELLS 8%, GMDC 6%, ABIRLANUVO 6% ORCHIDCHEM 6% and COLGATE 4%. Top five losers were IVRCLINFRA -7% DCHL -6% GMRINFRA -6% CENTRAL BANK -5% and HCC -5%.
Top five individual stock option which witnessed higher activity were HINDUNILVR 380 CE HINDUNILVR 400 CE SBIN 2000 CE RELIANCE 900 CE and HINDUNILVR 360 PE.
Positive change in open interest in Nifty option series was seen in 5200 CE (2lac) 5300 CE (11 lac) 5400 CE (2 lac) 5500 CE (4 lac) 5600 CE (3 lac) 4800 PE (5 lac) 5100 PE (11 lac) 5200 PE (7 lac) and negative change in open interest was seen in 4900 PE (-2lac) 5300 PE (-4 lac) and 5500 PE (-2 lac). Out of the Money Put Option Open Interest was 3.28 Cr and Call Option was 2.10 Cr. while In the Money Put Option open interest was 63 lac and Call option was 71 lac.
In my opinion my long term bearish view is vindicated today as Nifty is attracting selling at higher levels and it is not surpassing its resistance zone decisively. Nifty is behaving in copy book style technical manner. My prognosis is still tilted towards Nifty making a newer low, lower than 4718 in coming days as this time too it has nearly pull backed to 61.8% of falling trend (5760-4718). This view can be changed only If Nifty is able to break 5470, a downward sloping trend line and after breaking crosses 5760 from where it started this down trend. Of-course in between there will be gyrations and some pull back rallies but bottom line is trend will be downward. Short term traders can make quick bucks in this pull back rallies buy buying with stop loss of 5240 with a price objective of 5470.
Happy Trading
Atul Doshi
Nifty November future started the day on weaker not and even closed lower by 55.70 points at 5291.40.Bank Nifty November futures followed the trend and it too closed lower by 147.65 points at 9869.05. Volumes were higher compare to yesterday. Open Interest in Nifty November Futures came down by 6 lac approx indicating some Bull unwinding happening in the market. Bank Nifty Open Interest too was marginally lower indicating no new activity happening in the market. Put Call ratio was marginally up to 1.16 level. Volatility as measured by India VIX was at 24 up by 6 % indicating players are bit weary and they see some price risk increasing in the markets.
Top five individual stock futures which attracted higher volumes were SBIN, ICICIBANK, TATAMOTORS, PNB and RELIANCE. Top five gainers were HAVELLS 8%, GMDC 6%, ABIRLANUVO 6% ORCHIDCHEM 6% and COLGATE 4%. Top five losers were IVRCLINFRA -7% DCHL -6% GMRINFRA -6% CENTRAL BANK -5% and HCC -5%.
Top five individual stock option which witnessed higher activity were HINDUNILVR 380 CE HINDUNILVR 400 CE SBIN 2000 CE RELIANCE 900 CE and HINDUNILVR 360 PE.
Positive change in open interest in Nifty option series was seen in 5200 CE (2lac) 5300 CE (11 lac) 5400 CE (2 lac) 5500 CE (4 lac) 5600 CE (3 lac) 4800 PE (5 lac) 5100 PE (11 lac) 5200 PE (7 lac) and negative change in open interest was seen in 4900 PE (-2lac) 5300 PE (-4 lac) and 5500 PE (-2 lac). Out of the Money Put Option Open Interest was 3.28 Cr and Call Option was 2.10 Cr. while In the Money Put Option open interest was 63 lac and Call option was 71 lac.
In my opinion my long term bearish view is vindicated today as Nifty is attracting selling at higher levels and it is not surpassing its resistance zone decisively. Nifty is behaving in copy book style technical manner. My prognosis is still tilted towards Nifty making a newer low, lower than 4718 in coming days as this time too it has nearly pull backed to 61.8% of falling trend (5760-4718). This view can be changed only If Nifty is able to break 5470, a downward sloping trend line and after breaking crosses 5760 from where it started this down trend. Of-course in between there will be gyrations and some pull back rallies but bottom line is trend will be downward. Short term traders can make quick bucks in this pull back rallies buy buying with stop loss of 5240 with a price objective of 5470.
Happy Trading
Atul Doshi
No comments:
Post a Comment