Sell Off Day: April 23, 2012
Nifty April Futures sold off today as it closed 103.40
points lower at 5198.60. Bank Nifty also followed the streak and closed lower
by 228.75 points at 10237.70 points. Turnover was much higher in comparison to
yesterday partly due to adverse markets and partly due to roll over activity
and it stood at Rs 1.63 trillion. Open Interest in Nifty across all the series
shot up by nearly 4.29 shares at 2.34 Cr shares indicating fresh shorts created
in the market. Put Call Ratio across all the series in Options market stood at
1.08 marginally up from yesterday’s level but if we look at the data of current
series it was drastically down to 0.79 from 1.35 levels which indicates traders
are not bullish in the market and have written Calls against Puts as they see
markets not going up till expiry. Volatility as measured by India VIX was
substantially up by 7% at 21.57 and Dollar Rupee duo was trading higher at 52.60
again indicating choppiness in the market.
In my opinion, level of 5150 is still holding. In coming
days till expiry if we don’t fall below this level on closing basis hope of
Bull trend has still not vitiated. In this expiry several times Nifty has attempted
to break this level but has not succeeded in breaking the same. Let us see what
couple of days till expiry has in offing for us.
Top five individual stocks which gained today were
ASIANPAINT 4%, TTKPRESTIG 2%, MAX 2%, ACC 2% and SUNPHARMA 2%.
Top five individual stocks which lost ground were MCDOWELL
-9%, LITL -9%, ESCORTS -7%, GVKPIL -7% and STRTECH -7%.
Top five individual stocks which attracted higher volumes
were SBIN, RELIANCE, ICICIBANK, INFY and TATASTEEL.
Top five individual options which attracted higher activity
today were SBIN 2300 CE, RELIANCE 740 CE, INFY 2400 CE, RELIANCE 740 PE and
SBIN 2200 PE.
Nifty option series where POSITIVE
change in open interest was seen were 5100 CE (2.80 LK) 5200 CE (16.73 LK) 5300
CE (17.62 LK) 5400 CE (12,20 LK) 4900PE (2.66 LK) 5000 PE (6.93 LK) 5100 PE
(9.78 LK)
Nifty option series where NEGATIVE change in open interest was
seen were 5500 CE (-6.27 LK) 5600 CE (-1.94 LK) 5700 CE (-2.77 LK) 5200 PE (1
LK) 5300 PE (8.01 LK0 5400 PE (9.85 LK)
Outstanding open interest in Out of the Money Call Options
stood at 3.39 Cr shares and that of Put Options stood at 2.67 Cr shares. Outstanding
open interest in In the Money Call Options stood at 20.02 LK shares and that of
Put Options stood at 1.37 Cr shares. Put Call Ratio of current series alone
stands at 0.79.
Happy Trading
Atul Doshi
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