Downward Journey Continues: 28 December 2011
Nifty December Futures traded within pretty short band and closed lower at 4711.10 down by 39.80 points. Bank Nifty too closed lower at 8121.65 down by 153.70 points. Open Interest on consolidated basis increased by 16.75 lk shares indicating fresh shorts being created in the market. Volumes were obviously higher due to rollover activity on eve of expiry. Put Call Ratio came down to 0.85 from 0.93 levels. Volatility as measured by India VIX was 26.74 up by 2%. Dollar Rupee duo was trading higher at 53.21. All in all day was of rollover with negative bias.
In nutshell, downward journey continues. As expressed earlier in several posts that we are in a long term bear market and in this bear trend we might visit level of 4300-4500 is becoming more and more evident now. My advice will be to hold on your shorts with adequate stop loss. Those who have covered up their stops wait for Nifty to stop rising and than enter in short position or else create shorts if it goes below 4675 with price target of anywhere between 4300 -4500 levels.
Top five individual stocks which attracted higher volumes were SBIN, ICICIBANK, AXISBANK, RELIANCE and DLF.
Top five individual options which attracted higher activity today were SBIN 1650 CE, IFCI 25 CE, SBIN 1600 PE, RELIANCE 740 PE and RELIANCE CE.
Top five individual stocks which gained today were JISLJAL 11%, IFCI 7%, WELCORP 5%, IBREALEST 3% and BHEL 3%.
Top five individual stocks which lost ground were ADANIPOWER -8%, EKC -7%, GUJFLUORO -7%, JINDALSTEL -7% and ORIENTBANK -7%.
Nifty option series where POSITIVE change in open interest was seen were 4700 CE (14.80 LK) 4800 CE (13.24 LK) 5000 PE (1.22 LK) 5300 PE (1.36 LK)
Nifty option series where NEGATIVE change in open interest was seen were 5000 CE (-1.30 LK) 5100 CE (-4.15 LK) 5200 CE (-2.97 LK) 5500 (-1.80 LK) 4500 PE (-1.95 LK) 4600 PE (-2.92 LK) 4700 PE (-4.67 LK) 4800 PE (-13.41 LK).
Outstanding open interest in Out of the Money Call Options stood at 4.99 Cr shares and that of Put Options stood at 3.71 Cr shares. Outstanding open interest in In the Money Call Options stood at 80.46 LK shares and that of Put Options stood at 1.06 Cr shares.
Happy Trading
Atul Doshi.
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