Day of Consolidation: February 6, 2012
Nifty February Futures after opening stronger gave away some gain during the day but managed to close higher by 21.30 points at 5366.85. Bank Nifty too closed higher by 85.05 points at 10239.90. Volumes were higher than yesterday on both Futures and Options segment of the market. Open Interest in nifty Futures across all the series shot up by 18.53 lakh shares and stood at 2.73 Cr shares indicating built up of positions on Long side. Put Call Ratio shot up to 1.16 from 1.10 levels indicating market participants were comfortable writing puts over calls. Volatility as measured by India VIX was up by 2% at 24.62. Dollar Rupee pair was marginally up to 49.30 from 48.95 levels of yesterday. All in all it was a day of consolidation and journey of Nifty to march towards higher goal post continued.
My opinion still remains the same that is after consolidating for couple of days Nifty should spearhead and cross 5400 level comfortably. All those who were long today got an opportunity to partially book profit at 5400 levels. Those who are still long should continue to ride Bull trend with adequate stop loss. My feeling is that we will be able to touch 5650 once we comfortably cross 5400 level. If we fail to do so we will trade in a range of 5200 to 5400 for few days and than only we will be able to decide on which side of range we will break.
Top five individual stocks which gained today were INDIAINFO 22%, JINDALSWHL 17%, UNITECH 13%, VOLTAS 11% and DENABANK 10%.
Top five individual stocks which lost ground were EKC -4%, TATAPOWER -45, TATAGLOBAL -4%, ARVIND -3% and ABGSHIP -3%.
Top five individual stocks which attracted higher volumes were SBIN, ICICIBANK, HINDUNILVR, TATASTEEL and DLF
Top five individual options which attracted higher activity today were SBIN 2200 CE, HINDUNILVR 420 CE, SBIN 1900 PE, SBIN 2000 PE and HINDUNILVR 380 PE.
Nifty option series where POSITIVE change in open interest was seen were 5400 CE (7.21 LK) 5500 CE (6.21 LK) 5600 CE (5.59 LK) 5700 CE (7.04 LK) 5800 CE (3.05 LK) 5900 CE (1.61 LK) 6100 CE (1.30 LK) 4700 PE (2.28 LK) 4900 PE (4.38 LK) 5100 PE (1.05 LK) 5200 PE (13.24 LK) 5300 PE (14.13 LK) 5400 PE (9.12 LK) 5500 PE (2.07 LK)
Nifty option series where NEGATIVE change in open interest was seen were 4900 CE (-1.71 LK) 5000 CE (-2.43 LK) 5100 CE (-1.56 LK) 5200 CE (-1.62LK) 4800 PE (-2.75 LK)
Outstanding open interest in Out of the Money Call Options stood at 1.77 Cr shares and that of Put Options stood at 5.10 Cr shares. Outstanding open interest in In the Money Call Options stood at 1.54 Cr shares and that of Put Options stood at 36.58 Lk shares. Put Call Ratio in Nifty February Option Series stood pretty strong at 1.65.
Happy Trading
Atul Doshi
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