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Nifty ends above 7,900 mark

28 Dec 2015 Evaluate

The fifty stock index -- Nifty -- ended the session to its highest level in more than three weeks on Monday as investors bought beaten-down stocks such as Dr. Reddy's Laboratories, Tata Motors, Sun Pharmaceuticals and ICICI Bank in thin trading in the year-end holiday season. Sentiments remained upbeat with Finance Minister Arun Jaitley’s statement that structural reforms including GST, rationalising direct taxes and ease of doing business are among top priorities for New Year. On the global front, Asian markets ended mostly in red amid lack of immediate directional cues in light year-end trade, although Japanese shares managed to rise following a rebound in crude oil prices from multiple-year lows. European markets exhibited mixed trend in early deals after re-opening, following the Christmas holiday, with investors seen as reluctant to place strong bets in thin year-end trading.

Back home, after getting a positive start, Indian benchmark Nifty showed some strength in morning trade on the back of value-based buying in some blue-chip counters. In the afternoon trade, market extended early gains and reached intra-day high on the report that India could become the world's third largest economy after 2030 and its ascension could see France and Italy kicked out of the exclusive G8 group or its membership increased to 10 to accommodate India and Brazil. According to the report, India's projected GDP in 2030 was $10,133 billion, behind America’s $32,996 billion and China at the top with a projected GDP of $34,338 billion. Finally, Nifty ended the session with the gain of 64 points.

The top gainers from the F&O segment were Kaveri Seed Company, Bharat Forge and Dr. Reddy's Laboratories. On the other hand, the top losers were JSW Steel, Tata Steel and Bharti Airtel. In the index options segment, maximum OI was being seen in the 7800-8500 calls and 7200-8000 puts. In today's session, while the traders preferred to exit 7600 put, heavy buildup was seen in the 7900 put. On the other hand, traders exited from 7900 Call, while 7950 call witnessed considerable OI addition.

The India Volatility Index (VIX), a gauge for market's short term expectation of volatility increased by 4.78% and reached 14.40. The 50-share Nifty was up by 64.10 points or 0.82% to settle at 7,925.15.

Nifty December 2015 futures closed at 7908.55 on Monday at a discount of 16.60 points over spot closing of 7,925.15, while Nifty January 2016 futures ended at 7934.65 at a premium of 9.50 points over spot closing. Nifty December futures saw contraction of 1.30 million (mn) units, taking the total outstanding open interest (OI) to 15.09 million (mn) units. The near month derivatives contract will expire on December 31, 2015.

From the most active contracts, ICICI Bank December 2015 futures traded at a discount of 1.75 points at 262.25 compared with spot closing of 264.00. The number of contracts traded were 14,264.

SBI December 2015 futures traded at a premium of 0.35 points at 228.95 compared with spot closing of 228.60. The number of contracts traded were 27,251.

Axis Bank December 2015 futures traded at a discount of 1.45 points at 454.55 compared with spot closing of 456.00. The number of contracts traded were 15,696.

Tata Steel December 2015 futures traded at a discount of 1.25 points at 253.25 compared with spot closing of 254.40. The number of contracts traded were 14,789.

HDFC Bank December 2015 futures traded at a discount of 3.40 points at 1074.60 compared with spot closing of 1,078.00. The number of contracts traded were 13,757.

Among Nifty calls, 7900 SP from the December month expiry was the most active call with an contraction of 0.61 million open interests. Among Nifty puts, 7800 SP from the December month expiry was the most active put with a addition of 0.71 million open interests. The maximum OI outstanding for Calls was at 8000 SP (7.71 mn) and that for Puts was at 7800 SP (5.76 mn). The respective Support and Resistance levels of Nifty are: Resistance 7953.90--- Pivot Point 7908.45 --- Support --- 7879.70.

The Nifty Put Call Ratio (PCR) finally stood at 1.02 for December month contract. The top five scrips with highest PCR on OI were Lupin (1.54), KSCL (1.27), Bajaj Finance (1.21), Sun Pharmaceuticals (1.15) and ZEEL (1.15).

Among most active underlying, Reliance Industries witnessed an contraction of 7.74 million of Open Interest in the December month futures contract, followed by State Bank of India witnessing an contraction of 25.80 million of Open Interest in the December month contract; JSW Steel witnessed a contraction of 6.75 million of Open Interest in the December month contract, Tata Steel witnessed an contraction of 5.00 million of Open Interest in the December month contract and Dr. Reddy's Laboratories witnessed a contraction of 0.34 million units of Open Interest in the December month's future contract.

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