Nifty May Futures closed higher by 98.55 points at 4913.10. Bank
Nifty closed higher by 248.65 points at 9383.45. Open Interest in Nifty in
current series came down by 12 lakh shares and on consolidated basis across all
the series was down by 2.66 lakh shares at 2.44 Cr shares indicating some roll
over is already taking place. Turnover was better than yesterday at Rs 1.66
trillion. Put Call Ratio for both Index & Stock Options across all the
series stood at 1 and for current series shot up to 0.99 from 0.89 levels
indicating traders are getting some confidence back and are writing Puts
against Calls. Volatility as measured by India VIX was drastically down by 7% at
25.49 and Dollar Rupee pair too was trading lower at 55.89. In all it was a up
day but looking at the Open Interest it seems that Bears have not covered up
instead Bulls have unwound today.
My analysis is still tilted towards markets going down. As said in
yesterday’s post, correction can pull Nifty to 4965 levels. It is necessary to
wait for break out happening in sustainable manner to build up the long
positions. As of now it is advisable to short Nifty with 4965 & 5060 as
stop loss with Price objective of at least 4800 and below that for 4550 4600
levels.
Top five individual stocks which gained today were PANTALLON 9%,
TECHM 8%, AUROPHARMA 7%, POLARIS 7% and ONGC 6%.
Top five individual stocks which lost ground were CROMPGREAV -3%,
SOBHA -3%, OPTOCIRCUIT -3%, ALBK -2% and HINDPETRO -2%.
Top five individual stocks which attracted higher volumes were SBIN,
ICICIBANK, AXISBANK, TATAMOTORS and TATASTEEL.
Top five individual options which attracted higher activity today
were SBIN 2000 CE, SBIN 1950 CE, SBIN 1900 PE SBIN 2050 CE and SBIN 1950 PE.
Nifty option series where POSITIVE change in
open interest was seen were 5100 CE (2.11 LK) 4600 PE (8.30 LK) 4700 PE (6.95
LK) 4800 PE (14.33 LK) 4900 PE (18.73 LK)
Nifty option series where NEGATIVE change in open interest was seen
were 4700 CE (-2.78 LK) 4800 CE (-11.41
LK) 4900 CE (-4.04 LK) 5000 CE (-2.64 LK) 5400 CE (-3.34 LK) 4500 PE (-7.25 LK)
Outstanding open interest in Out of the Money Call Options stood at 3.94
Cr shares and that of Put Options stood at 3.82 Cr shares. Outstanding open
interest in In the Money Call Options stood at 94.89 LK shares and that of Put
Options stood at 1 Cr shares. Put Call Ratio of current series alone stands at 0.99.
Happy Trading
Atul Doshi
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