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Nifty ends above crucial 7,800 level

21 Dec 2015 Evaluate

The fifty stock index -- Nifty - ended higher on Monday as investors heaved a sigh of relief after the uncertainty around the US Federal Reserve interest rate hike got over previous week. Further, some support also came with Moody’s Investors Service describing India’s focus on foreign direct investment (FDI) as ‘credit positive’. The net FDI inflows have grown from $15.8 billion in the first half of 2014-15 to over $17 billion in April- September of the current fiscal. On the global front, Asian markets ended mostly in green as Chinese shares climbed to the highest level in almost four weeks and Oil Company’s rallied. European shares were trading higher after buoyed by gains in carmaker Volkswagen and telecoms equipment manufacturer Ericsson, although an inconclusive result in Spain's election hit the country's stocks.

Back home, after getting a weak start, Indian benchmark Nifty showed some strength in late morning session on the back of increased buying by funds and retail investors. Thereafter, market continued to trade positive with traction and end the session with gain of around 0.90%. Sentiments remained up-beat on report that the government is hopeful about a substantial portion of pending legislative business being completed in the remaining three days of the Winter Session, where 18 bills are pending. Meanwhile, banking stocks finished higher on the back of higher volumes as the government is set to introduce the Insolvency and Bankruptcy Code 2015 in Parliament on Monday and looks forward to push its reform agenda.

The top gainers from the F&O segment were Adani Power, Housing Development and Infrastructure and TV18 Broadcast. On the other hand, the top losers were Kaveri Seed Company, Sun Pharmaceuticals Industries and Titan Company. In the index options segment, maximum OI was being seen in the 7800-8200 calls and 7200-7800 puts. In today's session, while the traders preferred to exit 7000 put, heavy buildup was seen in the 7800 put. On the other hand, traders exited from 7800 Call, while 7950 call witnessed considerable OI addition.

The India Volatility Index (VIX), a gauge for market's short term expectation of volatility decreased by 1.85% and reached 14.22. The 50-share Nifty was up by 72.50 points or 0.93% to settle at 7,834.45.

Nifty December 2015 futures closed at 7841.45 on Monday at a premium of 7.00 points over spot closing of 7,834.45, while Nifty January 2016 futures ended at 7871.10 at a premium of 36.65 points over spot closing. Nifty December futures saw contraction of 0.08 million (mn) units, taking the total outstanding open interest (OI) to 18.53 million (mn) units. The near month derivatives contract will expire on December 31, 2015.

From the most active contracts, SBI December 2015 futures traded at a premium of 0.45 points at 230.95 compared with spot closing of 230.50. The number of contracts traded were 10,857.

ICICI Bank December 2015 futures traded at a discount of 0.30 points at 257.25 compared with spot closing of 257.55. The number of contracts traded were 15,497.

Axis Bank December 2015 futures traded at a premium of 0.80 points at 442.90 compared with spot closing of 442.10. The number of contracts traded were 14,691.

Tata Steel Industries December 2015 futures traded at a premium of 0.65 points at 258.20 compared with spot closing of 257.55. The number of contracts traded were 9,550.

Tata Motors December 2015 futures traded at a premium of 1.45 points at 381.60 compared with spot closing of 380.15. The number of contracts traded were 6,281.
Among Nifty calls, 7800 SP from the December month expiry was the most active call with an contraction of 0.40 million open interests.

Among Nifty puts, 7800 SP from the December month expiry was the most active put with a addition of 0.84 million open interests. The maximum OI outstanding for Calls was at 8000 SP (8.37 mn) and that for Puts was at 7500 SP (8.11 mn). The respective Support and Resistance levels of Nifty are: Resistance 7872.32--- Pivot Point 7802.88--- Support --- 7765.02.

The Nifty Put Call Ratio (PCR) finally stood at 0.90 for December month contract. The top five scrips with highest PCR on OI were ZEEL (1.39), Bajaj Finance (1.29), Lupin (1.22), JSW Steel (1.04) and HCL Technologies (1.02).

Among most active underlying, Sun Pharmaceuticals Industries witnessed an contraction of 0.03 million of Open Interest in the December month futures contract, followed by Axis Bank witnessing an contraction of 1.74 million of Open Interest in the December month contract; Reliance Industries witnessed a addition of 0.28 million of Open Interest in the December month contract, ICICI Bank witnessed an contraction of 2.74 million of Open Interest in the December month contract and Tata Steel witnessed a contraction of 0.12 million units of Open Interest in the December month's future contract.

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