Smart Recovery: May 28, 2012
Nifty May Futures closed higher by 56.55 points at 4975.40.
Bank Nifty too closed higher by 234.30 points at 9650.95. Open Interest in
Nifty across all the series increased by 13.58 lakh shares at 2.58 Cr
indicating Bulls have added to their long positions today as they saw firming
up of price. Bank Nifty saw reduction in Open Interest implying short covering
by Bears. Turnover was up from yesterday’s level at Rs 1.36 trillion. Put Call
Ratio was in a stable zone at 1.04 mildly lower than yesterday. Volatility as
measured by India VIX has again gone down by 6% at 23.68 indicating some
semblance in the market. Dollar Rupee pair too was on correction mode as it
came down to 55.27 indicating some easing of pressure on Rupee. In all it was a
smart recovery day with Bulls again becoming active in the market place.
As said in previous post, in extremely short run Nifty may
pull back to 4965 which it has pull backed today. What next? It can pull up to
5060 as expressed in the same post. If one follow the retracement theory than
Nifty has a potential to pull back up to 5228 level which might again invite
Bears to become active. In my opinion in medium to long term since we are in
bear trend this levels are difficult to breach hence every rise warrants a
Sell. But for contrarians who want to punt on bullish side this may well be
considered as maximum targets.
Top five individual stocks which gained today were BOMDYEING
9%, PIRHEALTH 7%, JUBLFOOD 7%, SKUMARSYNF 6% and GMDCLTD 6%.
Top five individual stocks which lost ground were GAIL -3%,
BPCL -2%, ONMOBILE -2%, APIL -2% and NMDC -2%.
Top five individual stocks which attracted higher volumes
were SBIN, TATASTEEL, ICICIBANK, TATAMOTORS and AXISBANK.
Top five individual options which attracted higher activity
today were SBIN 2100 CE, SBIN 2050 CE, SBIN 2000 PE, SBIN 2050 PE and SBIN 2000
CE.
Nifty option series where POSITIVE
change in open interest was seen were 5100 CE (2.25 LK) 5200 CE (4.48 LK) 4900
PE (13.55 LK) 5000 PE (9.95 LK)
Nifty option series where NEGATIVE change in open interest
was seen were 4700 CE (-2.56 LK) 4800 CE (-6.28 LK) 4900 CE (-11.04 LK) 5000 CE
(-1.97 LK) 5300 CE (-1.54 LK) 5400 CE (-1.79 LK) 5500 CE (-1.03 LK) 4400 PE
(-1.67 LK) 4500 OE (-4.29 LK) 4600 PE (-13.72 LK) 4700 PE (-2.44 LK) 4800 PE
(-1.71 LK) 5200 PE (-1.22 LK)
Outstanding open interest in Out of the Money Call Options
stood at 3.82 Cr shares and that of Put Options stood at 3.21 Cr shares.
Outstanding open interest in In the Money Call Options stood at 60.26 LK shares
and that of Put Options stood at 95.88 LK shares. Put Call Ratio of current
series alone stands at 0.94.
Happy Trading
Atul Doshi
No comments:
Post a Comment