Bulls Ride: February 3, 2012
Bulls were on the top during the day as Nifty February Futures closed at 5345.55 up by 71.2 points. Bank Nifty too closed at 10154.85 up by 187.05. Open Interest on consolidated basis across all the series was up by 7.73 lakh shares indicating Bulls were busy mopping up positions. Volumes were lower than yesterday on all fronts as there was less choppiness in the market and markets were moving steadily & resiliently up. Put Call Ratio was marginally lower at 1.06 and Volatility as measured by India VIX was up by 2% at 24.09. Dollar Rupee pair was trading lower at 48.95 adding strength to the market. All in all Bulls were riding the market and bears were silently watching.
My prognosis that we are heading higher and will touch at least 5400 is vindicated as today also we smartly closed above previous day and kept steadily rising. My advice is to hold on your long positions till 5400 and partially book some profits at those levels. It seems that new Bull Run has started but it needs some confirmation which will come once we cross 5400. Till that time enjoy the ride. Bears who want to short wait for the failure to break 5400 but mind you that you have limited downside till 5200 where you need to cover up your shorts.
Top five individual stocks which gained today were 3IINFOTECH 12%, ORCHIDCHEM 11%, TATAGLOBAL 9%, DCHL 9% and CESC 8%.
Top five individual stocks which lost ground were TRIVENI -6%, HINDALCO -4%, RCOM -3%, FINANTECH -3% and JINDALSTEL -3%.
Top five individual stocks which attracted higher volumes were SBIN, ICICIBANK, TATASTEEL, DLF and RELIANCE.
Top five individual options which attracted higher activity today were ICICIBANK 900 CE, RELIANCE 840 CE, SBIN 2100 CE, ICICIBANK 920 CE and BHARTIARTL 400 CE.
Nifty option series where POSITIVE change in open interest was seen were 5500 CE (6.68 LK) 5600 CE (4.71 LK) 5700 CE (3.19 LK) 5800 CE (2.82 LK) 4900 PE (1.37 LK) 5000 PE (4.15 LK) 5200 PE (13.43 LK) 5300 PE (8.77 LK) 5400 PE (3.24 LK)
Nifty option series where NEGATIVE change in open interest was seen were 5100 CE (1.37 LK) 5200 CE (4.73 LK) 5300 CE (8.71 LK) 5400 CE (5.56 LK) 4700 PE (6.91 LK) 5100 PE (1.22 LK)
Outstanding open interest in Out of the Money Call Options stood at 1.44 Cr shares and that of Put Options stood at 4.79 Cr shares. Outstanding open interest in In the Money Call Options stood at 1.63 Cr shares and that of Put Options stood at 24.72 Lk shares.
Happy Trading
Atul Doshi
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