Day of Consolidation: January 4, 2012
Nifty January Futures remained pretty range bound today. It closed at 4760.20 down by 23 points and Bank Nifty closed at 8396.40 up by 45.50 points. Volumes were more or less same as yesterday or slightly lower than yesterday in both Futures & Options markets. Open Interest also remained flat as yesterday. Put Call Ratio was bit higher at 0.99 up from yesterday’s level of 0.90. Volatility as measured by India VIX was marginally up by 1% at 26.41. Dollar Rupee was trading at 53.30 lower than yesterday. All in all it seems that it was a day of consolidation. Bulls who built up positions yesterday remained intact and had not sold off today. Similarly Bears too have refrained from the market maintaining their earlier short positions. Both Bulls & Bears are waiting for some kind of breakout to add/reduce their positions.
To sum up, short term traders who have taken a bull punt yesterday are advised to continue their buy positions with stop below 4665 and 4550. Short term bear traders are advised to look for upward break out level of 4801 to cover their partial shorts and 4950 for covering the rest. For Long term traders 5150 is the level to square off their shorts provided this level sustain for couple of days on closing basis.
Top five individual stocks which attracted higher volumes were SBIN, ICICIBANK, RELIANCE, TATASTEEL and TATAMOTORS.
Top five individual options which attracted higher activity today were SBIN 1700 CE, TATAMOTORS 200 CE, SBIN 1800 CE, RELIANCE 740 CE and SBIN 1600 PE.
Top five individual stocks which gained today were MCDOWELL 10%, TTML 6%, EKC 6%, ORIENTBANK 4% and SOBHA 4%.
Top five individual stocks which lost ground were BAJAJHLDG -7%, VIPIND -5%, BAJAJAUTO -4% M&M -4% and SINTEX -4%.
Nifty option series where POSITIVE change in open interest was seen were 4800 CE (4.26 LK) 4900 CE (4.81 LK) 5000 CE (3.01 LK) 5100 CE (2.29 LK) 4200 PE (4.05 LK) 4300 PE (3.75 LK) 4500 PE (4.54 LK) 4600 PE (1.30 LK) 4700 PE (4.31 LK)
Nifty option series where NEGATIVE change in open interest was seen were 4100 PE (-10.32 LK)
Outstanding open interest in Out of the Money Call Options stood at 2.62 Cr shares and that of Put Options stood at 3.29 Cr shares. Outstanding open interest in In the Money Call Options stood at 65.40 LK shares and that of Put Options stood at 66.11 Lk shares.
Happy Trading
Atul Doshi
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