Weak Expiry: 29 December 2011
Nifty December Futures after opening weaker traded for large part of day in a trading range and in last one hour broke down below 4650 levels and finally closed at 4648.60 down by 62.50 points. Bank Nifty too followed the trend and closed at 8040.95 down by 80.70 points. Volumes were obviously higher due to expiry and rollover. Put Call Ratio was 0.82. Volatility as measured by India VIX was at 26.44 down by 1%. All in all it was a nervous day and weak expiry.
Day by day it is becoming evident that we are in strong bear market. Today also price movement with negative bias continued on the street. As envisaged, level of 4300 -4500 could easily be achieved seeing the lackluster participation from Bulls. In my opinion, for extreme short term traders it is advisable to short Nifty with stop above 4700 preferably 4750. For long term positional traders those who have rolled over their shorts 4975 level is their first stop.
Top five individual stocks which attracted higher volumes were SBIN, RELIANCE, ICICIBANK, AXISBANK and IFCI.
Top five individual options which attracted higher activity today were SBIN 1600 PE, SBIN 1600 CE, SBIN 1650 CE, RELIANCE 740 CE and IFCI 25 CE.
Top five individual stocks which gained today were KFA 6%, EXIDE 5%, MRF 5%, OPTOCIRCUI 4% and UNIONBANK 4%.
Top five individual stocks which lost ground were SKUMARSYNF -10%, IFCI -10 % FSL -9%, SUZLON -8% and DHANBANK -8%.
Nifty option series where POSITIVE change in open interest (JAN SERIES) was seen were 2700 CE (2.24 LK) 2900 CE (1.33 LK) 3300 CE (5.67 LK) 3400 CE (9.64 LK) 3500 CE (3.41 LK) 3600 CE (5.81 LK) 3700 CE (4.60 LK) 3900 CE (3.31 LK) 4000 CE (2.02 LK) 2700 PE (1.94 LK) 2800 PE (1.05 LK) 2900 PE (13.63 LK) 3000 PE (1.79 LK) 3100 PE (4.88 LK) 3200 PE (6.11 LK) 3300 PE (5.50 LK) 3700 PE (1.50 LK) 4100 PE (1.11 LK) 4700 PE (2.27 LK)
Nifty option series where NEGATIVE change in open interest (JAN SERIES) was seen were 3800 CE (-4.57 LK) 3500 PE (-1.53 LK)
Outstanding open interest in Out of the Money Call Options (JAN SERIES) stood at 2.68 LK shares and that of Put Options stood at 2.57 Cr shares. Outstanding open interest in In the Money Call Options stood at 2.59 Cr shares and that of Put Options stood at 7.51 Lk shares.
FII's bought Index Options worth Rs 494 Cr and sold Index Futures worth Rs 106 Cr. It sold Stock Options worth Rs 132 Cr and Stock Options worth 2 Cr.
Happy Trading
Atul Doshi
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