Day of Consolidation: 15 December 2011
Nifty December Futures taking clues from global markets and domestic technical weakness opened lower and continued its downward journey making a low of 4671 but than smartly recovered and closed marginally lower by 6.8 points at 4754.4. Bank Nifty too followed the trend and closed at 8450.15 down by 62.20 points. Overall volumes were higher than yesterday. Stock & Index Futures saw lower volumes while Stock & Index Options saw higher volumes than yesterday. Open Interest in Nifty Futures on aggregate basis across all series was higher by 5.60 lakh shares and that of Bank Nifty was down by 6325 shares. Put Call Ratio was almost flat at 0.94 and Volatility as measured by India VIX too was flat at 28.81. Dollar Rupee December pair closed at 53.81 after making a high of 54.63.
My opinion is still tilted towards markets going down. Though today markets were able to bounce back smartly from 4670 level which was well above 4630 level which we made few days back, in my opinion this pull back is dead cat bounce and I feel that downward journey will continue. Movements in the markets are very sharp and it is always advisable to trade with strict stop loss. I would maintain my bearish stance and would short Nifty once it stops rising.
Those who are interested in little bit more analysis some additional information is given below:
Top five individual stocks which attracted higher volumes were SBIN, RELIANCE, ICICIBANK, TATAMOTORS and AXISBANK.
Top five individual options which attracted higher activity today were SBIN 1800 CE, SBI 1900 CE, SBIN 1700 PE, TATAMOTORS 180 CE and SBIN 1750 CE.
Top five individual stocks which gained today were LUPIN 6%, WELCORP 6%, JUBLFOOD 6%, CHAMBLFERT 5% and TATAPOWER 5%.
Top five individual stocks which lost ground were 3IINFOTECH -10%, BALRAMCHIN -9%, SINTEX -8%, HAVELLS -8% and GUJFLUORO -8%.
Nifty option series where POSITIVE change in open interest was seen were 4600 CE (4.27 LK) 4700 CE (8.25 LK) 4900 CE (10.58 LK) 5400 CE (1.85 LK) 4200 PE (1.13 LK) 4300 PE (2.33 LK) 4400 PE (4.76 LK) 4500 PE (5.93 LK) 4700 PE (2.89 LK)
Nifty option series where NEGATIVE change in open interest was seen were 4800 CE (-3.75 LK) 5000 PE (-1.19 LK) 5100 PE (-5.92 LK) 4800 PE (-5.09 LK) 4900 PE (-3.38 LK) 5000 PE (-4.89 LK)
Outstanding open interest in Out of the Money Call Options stood at 5.01 Cr shares and that of Put Options stood at 4.03 Cr shares. Outstanding open interest in In the Money Call Options stood at 67.25 LK shares and that of Put Options stood at 1.75 Cr shares.
Happy Trading
Atul Doshi
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