Weak Day: April 4,
2012
Nifty April Futures closed at 5344.55 down by 38.70 points. Bank
Nifty closed at 10364.25 down by 80.05 points. Volumes were again lower than
previous day and stood at Rs 698 bn. Open Interest in Nifty across all series came
down by 8.30 lakh shares at 1.98 Cr shares indicating some bull unwinding ahead
of long week end holidays. Put Call Ratio too was almost flat at 1.13.
Volatility as measured by India VIX shot up by 3% at 20.63 though trading at
lower end of the range. Dollar Rupee duo was trading higher at 51.37 from 51.01
of previous day. All in all it was a listless day with some pressure from Bull
unwinding.
My prognosis still remains bullish. As long as we are
trading above 5150 levels, it is advisable to buy in every dip with price
objective of 5550-5600. Worrying factor though is lack of volume along with
lower built up in Open Interest.
Top five individual stocks which lost ground were ESSAROIL
-5%, SOBHA -5%, JINDALSTEL -3%, GAIL -3% and GMRINFRA -3%.
Top five individual stocks which attracted higher volumes
were SBIN, ICICIBANK, BHEL, RELIANCE and HDIL.
Top five individual options which attracted higher activity
today were RELIANCE 760 CE, SBIN 2200 CE, RELIANCE 800 CE, SBIN 2300 CE and
RELIANCE 740 PE.
Nifty option series where POSITIVE
change in open interest was seen were 5300 CE (1.21 LK) 5500 CE (1.73 LK) 5600
CE (3.20 LK) 4800 PE (10.18 LK) 4900 PE (3.36 LK) 5100 PE (3.61 LK) 5200 PE
(7.50 LK)
Nifty option series where NEGATIVE change in open interest
was seen were 6000 CE (-1.39 LK) 4700 PE (-5.83 LK) 5000 PE (1.09 LK) 5400 PE
(-1.26 LK)
Outstanding open interest in Out of the Money Call Options stood at 2.06 Cr shares and that of
Put Options stood at 3.18 Cr shares. Outstanding open interest in In the Money Call Options stood at 74.28
LK shares and that of Put Options stood at 51.13 Cr shares. Put Call Ratio of
current series alone stands at 1.40.
Happy Trading
Atul Doshi
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