Carnage on Street: 12 December 12, 2011
Nifty December Futures after opening higher than yesterday could not hold its gain and gave a way to close at lowest point of the day. It closed down by 112 points at 4773.70. Bank Nifty too closed lower at 8567 down by 276.25 points. Volumes in Index & Stock Futures were lower than yesterday but were higher in Options segment. Put Call Ratio came down to 0.85 from 0.97 level. Open Interest in Nifty Futures across all the series increased by 10.54 lac shares indicating fresh short built up has happened in the market. Volatility as measured by India VIX was stable at 29.27 marginally down from yesterday’s level. In substance it was a day of bear and downward journey in price continued for another day.
Top five individual stocks which attracted higher volumes were SBIN, ICICIBANK, RELIANCE, TATAMOTORS and LT.
Top five individual options which attracted higher activity today were SBIN 1900 CE, SBIN 1800 PE, RELIANCE 760 CE, SBIN 1950 CE and RELIANCE 800 CE.
Top five individual stocks which gained today were WELCORP 4%, WIPRO 3%, AUROPHARMA 2% MUNDRAPORT 2% and GITANJALI 2%.
Top five individual stocks which lost ground were ESSAROIL -15%, CHAMBALFERT -10% SINTEX -9% RECLTD -8% and PATELENG -8%.
Nifty option series where POSITIVE change in open interest was seen were 4200 CE (15.41 LK) 4300 CE (13.74 LK) 4400 CE (2.19 LK) 4500 CE (9.19 LK) 4600 CE (1.49 LK) 4700 CE (8.87 LK) 3700 PE (11.65 LK) 3800 PE (2.03 LK) 3900 PE (5.55 LK) 4000 PE (1.21 LK) 4100 PE (6.03 LK) 4200 PE (3.78 LK) 4300 PE (1.44 LK)
Nifty option series where NEGATIVE change in open interest was seen were 4800 CE (-1.04 LK) 4900 CE (-1.70 LK) 5000 CE (-1.82 LK) 4400 PE (-4.46 LK) 4500 PE (-3.27 LK) 4600 PE (-9.30 LK) 4700 PE (-1.15 LK)
Outstanding open interest in Out of the Money Call Options stood at 1.99 Cr shares and that of Put Options stood at 5.54 Cr shares. Outstanding open interest in In the Money Call Options stood at 3.58 Cr shares and that of Put Options stood at 37.90 Lk shares.
Once again my analysis as expressed in earlier several posts has been once again vindicated today. Markets have given way and it might witness 4630 levels and might even go below it. Volumes, technical indicators, technical data like Open Interest, Put Call Ratio all indicates that market lacks strength and under the weight of this weak parameters will fall further. My advice is to remain short in the Indices till you see some meaningful breakout.
Happy Trading
Atul Doshi
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