Upward Bias Continues: February 8, 2012
Nifty February Futures closed up by 33.30 points at 5388.50 after making higher top higher bottom formation. Bank Nifty closed 10.8 points higher at 10341.40. Volumes on both Futures and Options segment were higher than yesterday. Open Interest in Nifty Futures across all the series was higher by 4.78 lk shares at 2.89 Cr shares. Put Call Ratio was marginally lower at 1.14. Volatility as measured by India VIX was lower by 2.5% at 24.27. Dollar Rupee pair was trading slightly higher at 49.38. All in all markets are consolidating with an upward bias.
As can be viewed from today’s data Nifty is attempting to move higher and making a higher high but is not closing above 5400. Equally it is not breaking on lower side either. In such scenario it is advisable to hold on your longs as third successful attempt to move beyond 5400 will possibly take Nifty to 5650 levels. Till the time it finally breaks 5400 on closing basis keep strong stop loss probably below 5300 in extremely short term and 5200 in medium term. Enjoy the Bull Run till that time.
Top five individual stocks which gained today were JSWENERGY 10%, JINDALSWHL 10%, RELCAPITAL 10%, HEXAWARE 10% and IFCI 9%.
Top five individual stocks which lost ground were ORCHIDCHEM -9%, BHARTIAIRTL -7%, KFA -5%, TRIVENI -4% and JETAIRWAYS -3%.
Top five individual stocks which attracted higher volumes were TATASTEEL, SBIN, ICICIBANK, BHARTIAIRTL and RELIANCE.
Top five individual options which attracted higher activity today were IFCI 35 CE, RELIANCE 860 CE, BHARTIAIRTL 380 CE, SBIN 2200 CE and TATASTEEL 460 CE.
Nifty option series where POSITIVE change in open interest was seen were 5300 CE (1.52 LK) 5400 CE (1.80 LK) 5500 CE (11.06 LK) 5600 CE (3.09 LK) 5700 CE (2.58 LK) 5100 PE (1.91 LK) 5200 PE (4.43 LK) 5300 PE (8.65 LK) 5400 PE (6.39 LK) 5500 PE (2.74 LK)
Nifty option series where NEGATIVE change in open interest was seen were 5100 CE (-1.45 LK) 4800 PE (-1.15 LK) 4900 PE (-4.85 LK) 5000 PE (-1.33 LK)
Outstanding open interest in Out of the Money Call Options stood at 2.05 Cr shares and that of Put Options stood at 5.22 Cr shares. Outstanding open interest in In the Money Call Options stood at 1.40 Cr shares and that of Put Options stood at 54 Lk shares.
Happy Trading
Atul Doshi
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