Good Beginning: January 27, 2012
Nifty February Series started with a bang. It rose 51.4 points and closed at 5212.80. On the very first day of new series it made a higher top higher bottom formation which is a good sign. On the contrary Bank Nifty witnessed profit booking and it closed lower by 62 points at 9793.95. Volumes were better but obviously it is not comparable with yesterday as yesterday was an expiry. Open Interest too saw reasonable up tick. Put Call Ratio too improved to 1.21 from 1.03 levels which indicates confidence in the market and positive bias. Volatility as measured by India VIX was up by 3% to 21.70. Dollar Rupee pair was trading lower at 49.65 which again is good sign for Equity. In substance, it was a good beginning.
My prognosis remains bullish, at least in shorter term as markets are making newer highs and achieving all possible bullish targets. As said in earlier posts it crossed 5135 which was a difficult target and after that it even managed to touch 200 DMA which is placed at 5218. If Nifty is able to stay above its 200 DMA, probability of markets moving at least 5 to 10 % from this level is very bright. If in case it fails to move above this level in couple of days, it will consolidate between 5050 & 5200 and than might attempt to break the levels on either side. January series saw a increase of 585 points from the low of 4592 to 5177, let us see what February series have in offing.
Top five individual stocks which gained today were TRIVENI 12%, GVKPIL 10%, PRAJIND 9%, ROLTA 8% and ARVIND 8%.
Top five individual stocks which lost ground were RANBAXY -7%, GESHIP -7%, IVRCLINFRA -6%, WELCORP -5% and ADANIPOWER -5%.
Top five individual stocks which attracted higher volumes were RELIANCE, SBIN, ICICIBANK, TATASTEEL and TATAMOTORS.
Top five individual options which attracted higher activity today were RELIANCE 820 CE, SBIN 2100 CE, RELIANCE 840 CE, RELIANCE 800 CE and SBIN 2200 CE.
Nifty option series where POSITIVE change in open interest was seen were 5200 CE (1.12 LK) 5300 CE (10.10 LK) 5400 CE (10.15 LK) 5500 CE (4.20 LK) 5600 CE (2.40 LK) 5700 CE (1.34 LK) 4700 PE (-10.02 LK) 4800 PE (4.81 LK) 4900 PE (6.44 LK) 5000 PE (9.71 LK) 5100 PE (10.40 LK) 5200 PE (11.90 LK) 5300 PE (1.60 LK)
Nifty option series where NEGATIVE change in open interest was seen were 4800 CE (-63 TH) 5100 CE (-91 TH)
Outstanding open interest in Out of the Money Call Options stood at 1.06 Cr shares and that of Put Options stood at 3.50 Cr shares. Outstanding open interest in In the Money Call Options stood at 1.42 Cr shares and that of Put Options stood at 22.02 Lk shares.
Happy Trading
Atul Doshi
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