Resilient Day: January 03, 2012
Nifty January Futures opened strong and maintained its strength through out the day without giving away its gain for once. It closed at 4783.20 smartly up by 135.10 points. Bank Nifty too registered a gain of 343.85 points and closed at 8350.90. Volumes were surprisingly higher than yesterday both for futures and options markets. Open Interest in Nifty across all the series was higher by whooping 10 lakh shares and that of Bank Nifty too was up by 80 k shares. Put Call Ratio too was higher at 0.90. Volatility as measured by India VIX was down by 5% and closed at 26.16. Dollar Rupee duo was trading at 53.52 slightly lower than yesterday. All this indicate that confidence is returning to the market and Bulls after a long lull has accumulated some positions. It was definitely a much resilient day.
In nutshell, we have to watch tomorrow’s movement very closely and see that this momentum continues. Today’s data indicate Bull accumulation rather than Bear unwinding. If follow up in price movement continues tomorrow and if we see some shorts unwinding, markets might pull back to 4945 level which is 50 DMA. If unable to move higher than we might fall and today’s price movement can be labeled as dead cat bounce. Let us see what unfolds tomorrow. As said in last post, those who took Bull punt yesterday or even today may continue to hold their positions with stop below 4550. For long term positional traders who are holding short will have to see that whether markets tomorrow break above 4820 levels or not.
Top five individual stocks which attracted higher volumes were SBIN, RELIANCE, ICICIBANK, TATASTEEL and AXISBANK.
Top five individual options which attracted higher activity today were SBIN 1700 CE, RELIANCE 740 CE, RELIANCE 720 CE, TATASTEEL 360 CE and SBIN 1800 CE.
Top five individual stocks which gained today were DELTACORP 11%, IVRCLINFRA 11%, VIPIND 10%, GMRINFRA 10% and GUJFLUORO 9%.
Top five individual stocks which lost ground were GITANJALI -4%, OIL -3%, M&M -2%, BPCL -2% and AMBUJACEM -1%.
Nifty option series where POSITIVE change in open interest was seen were 4900 CE (3.51 LK) 5000 CE (1.95 LK) 5100 CE (6.90 LK) 5200 CE (3.16 LK) 4400 PE (3.34 LK) 4500 PE (7.46 LK) 4600 PE (8.88 LK) 4700 PE (19.04 LK) 4800 PE (7.23 LK) 4900 PE (1.36 LK)
Nifty option series where NEGATIVE change in open interest was seen were 4600 CE (-3.64 LK) 4700 CE (-8.81 LK) 4800 CE (-2.08 LK) 4100 PE (-6.93 LK)
Outstanding open interest in Out of the Money Call Options stood at 2.50 Cr shares and that of Put Options stood at 3.24 Cr shares. Outstanding open interest in In the Money Call Options stood at 68.64 LK shares and that of Put Options stood at 67.23 Lk shares.
Happy Trading
Atul Doshi
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