Another Day of Consolidation: January 12, 2012
Nifty January Futures closed at 4852.20 down by 20.15 points. Bank Nifty closed at 8957.70 up by 101.85 points. Volumes were substantially higher than yesterday both in Index Futures and Options as well as Stock Futures and Stock Options. Put Call Ratio was ay 0.92 down from yesterday’s level of 0.95. Volatility as measured by India VIX was at 24.03 down by 2%. Dollar Rupee pair was trading at 51.86. Open Interest saw increase of 2.56 lakh shares in Nifty Futures across all the series and Bank Nifty saw decrease in Open Interest by 38 k shares. All in all it was another day of consolidation with upward bias in short term.
In nutshell, today too it was a day of consolidation with a narrow range of price movements. My prognosis remains the same as expressed in yesterday’s post. As long as Nifty remains above 4665 and stretching it bit further above 4550, all the dips needs to be bought in. Today also we witnessed some buying interest when Nifty went down to 4820 levels and it closed at 4870. For long term traders and those who are still holding their shorts from higher level, 5135 is the stop. Even 5135 should hold on sustainable basis as it too coincides with 200 DMA of 5150. So this range of 5125-5175 is going to be extremely crucial and one would face good amount of supply at those level. But in shorter term buy in to every dip or add to your positions when Nifty crosses and closes above 4906.
Top five individual stocks which attracted higher volumes were INFY, SBIN, ICICIBANK, AXISBANK and HDFC.
Top five individual options which attracted higher activity today were INFY 2800 CE, INFY 2700 C E INFY 2900 CE INFY 3000 CE and INFY 2700 PE.
Top five individual stocks which gained today were TRIVENI 15%, VIPIND 9%, RENUKA 8%, GMRINFRA 7% and LITL 7%.
Top five individual stocks which lost ground were INFY -8%, TTKPRESTIG -8%, BIOCON -5%, BATAINDIA -4% and TECHM -4%.
Nifty option series where POSITIVE change in open interest was seen were 4800 CE (3.78 LK) 4900 CE (3.80 LK) 5000 CE (7.60 LK) 4100 PE (2.47 LK) 4700 PE (4.40 LK)
Nifty option series where NEGATIVE change in open interest was seen were 4400 PE (-6.08 LK) 4800 PE (-1.60 LK)
Outstanding open interest in Out of the Money Call Options stood at 2.94 Cr shares and that of Put Options stood at 4.48 Cr shares. Outstanding open interest in In the Money Call Options stood at 91.66 LK shares and that of Put Options stood at 58.75 Lk shares.
Individual Stocks which saw increase in Open Interest were OILINDIA (75%) TTK (47%) INFOSYS (33%) VOLTAS (32%) SUNTV (23%)
Individual Stocks which saw increase in Open Interest were UNITEDSPIRIT (-23%) JAINIRRI (-10%) NCC (-9%) PNB (-8%) STERLITE (-6%)
Happy Trading
Atul Doshi
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