Day of Pullback: May 18, 2012
Nifty May Futures closed at 4888.95 up by 36.65 points after
making a low of 4767.45. Bank Nifty closed at 9256.80 up by 171.20 points. Open
Interest in Nifty across all the series saw reduction by 3.79 lakh shares at
2.38 Cr shares indicating some short covering done by traders. Turnover in the
market was better than yesterday and stood at Rs 1.56 trillion. Put Call Ratio
of Open Interest in both Index and Stock Options was almost flat at 0.91. Volatility as measured by India VIX too was mildly
lower at 23.55 and Dollar Rupee pair was trading slightly lower at 54.53. In
all it was a day of pull back with lackluster activity.
In my opinion, it seems that we are in bear market as today
we broke 4800 level intra day though we have not closed below it. It was a day
of pull back and one should not be trapped in to such pull backs. In any case
for extremely short term traders who can trade pull backs, Nifty might pull
back up to 4965 level after that we might see Nifty again drifting down. If one
sees signs of Nifty tiring around those level one can short Nifty with stop
loss above 5060 and price objective of 4500-4550.
Top five individual stocks which gained today were
JETAIRWAYS 7%, SBIN 7%, PANTALOON 5%, BATAINDIA 5% and MRPL 5%.
Top five individual stocks which lost ground were BEML -8%,
BEL -5%, PIRHEALTH -5%, TATAMOTORS -4% and STRTECH -4%.
Top five individual stocks which attracted higher volumes
were SBIN, TATAMOTORS, TATASTEEL, ICICIBANK and AXISBANK.
Top five individual options which attracted higher activity
today were SBIN 1900 CE, SBIN 2000 CE, SBIN 1800 PE, SBIN 1950 CE and SBIN 1850
CE.
Nifty option series where POSITIVE
change in open interest was seen were 4700 CE (2.54 LK) 4800 CE (2.30 LK) 5000
CE (1.21 LK) 5100 CE (5.17 LK) 4300 PE (2.60 LK) 4400 PE (2.95 LK) 4700 PE
(6.15 LK)
Nifty option series where NEGATIVE change in open interest
was seen were 4900 CE (2.70 LK) 5300 CE (1.90 LK) 4600 PE (5.27 LK) 5100 PE
(1.35 LK)
Outstanding open interest in Out of the Money Call Options
stood at 4.73 Cr shares and that of Put Options stood at 2.62 Cr shares.
Outstanding open interest in In the Money Call Options stood at 45.70 LK shares
and that of Put Options stood at 1.71 Cr shares. Put Call Ratio of current
series alone stands at 0.83.
Happy Trading
Atul Doshi
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