Day of Rally: 01 Dec 2011.
Nifty December Futures opened with a huge gap of 146 points and fairly closed up by 131.40 points at 4963.75. Bank Nifty December Futures too opened with gap of 346.65 points and fairly closed up by 361.60 points at 8922.95. Volumes were lower than yesterday on all parameters viz. traded quantity, no. of contracts traded and no. of trades. Open Interest in Bank Nifty saw reduction by 2.40 lk shares across all series. Open Interest in Nifty saw addition of 1.43 lk shares. Change in Open Interest was not noteworthy if we consider the gap up opening and price movements. Put Call Ratio has improved to 1.08 from 1 and Volatility as measured by India VIX has come down to 25.02 from 26.55 by nearly 6%.
Top five individual stocks which attracted higher volumes were ICICIBANK, SBIN, RELIANCE, TATASTEEL and TATAMOTORS.
Top five individual stocks which gained today were TRIVENI 8%, PANTALOON 7%, HINDALCO 7%, ICICIBANK 7% and SAIL 7%.
Top five individual stocks which lost ground were EKC -6%, IDEA -6%, MPHASIS -5%, INDIAINFO -5% and NEYVELILIG -3%.
Top five individual options which attracted higher activity today were SBIN 1800 CE, TATASTEEL 400 CE, SBIN 1900 CE, SBIN 1850 CE and RELIANCE 800 CE.
Nifty option series where POSITIVE change in open interest was seen were 5000 CE (5.32 LK) 5100 CE (13.58 LK) 5200 CE (7.96 LK) 5300 CE (3.63 LK) 4300 PE (12.74 LK) 4900 PE (14.80 LK) 5000 PE (12.17 LK) 5100 PE (2.70 LK).
Nifty option series where NEGATIVE change in open interest was seen were 4600 CE (-2.16 LK) 4700 CE (-3.16 LK) 4800 CE (-6.99 LK) 4900 CE (-2.30 LK) 4000 PE (-2.21 LK) 4100 PE (-18.49 LK) 4200 PE (-1.74 LK) 4400 PE (-1.91 LK) 4700 PE (-3.58 LK)
Outstanding open interest in Out of the Money Call Options stood at 3.21 Cr shares and that of Put Options stood at 4.65 Cr shares. Outstanding open interest in In the Money Call Options stood at 1.14 Cr shares and that of Put Options stood at 1.11 Cr shares.
To conclude, my observation for short term as expressed in yesterday’s post has been vindicated today. Let me reproduce the para for ready perusal. In short term since Nifty is trading in a range and has not broken 4630 levels, opportunity to buy at current level with strict stop below 4630 and price objective of 5050 exists and one can benefit out of it . Today Nifty touched 5015 levels so those guys who were long had the opportunity to make good amount of money. Anyway long term view is still bearish and in my opinion after such short pull backs, bear trend will resume and we might see lower levels. Today’s Open Interest figures indicate that bears are not unduly worried about such gyrations as no noteworthy short positions have been covered up. Watch the levels and some pressure points like 5050 and see how the last day of current week has in offing.
Happy Trading
Atul Doshi
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