Nifty end in green; above 11k mark

30 Aug 2019 Evaluate

NSE gauge -- Nifty50 -- ended the day’s trade with a gain over half a percent amid Union Home Minister Amit Shah’s statement that India's macroeconomic fundamentals are quite strong and its economy is currently growing at the fastest pace in the world. Market made gap up opening, as Union Finance Minister Nirmala Sitharaman’s statement that the Centre will announce two more big steps in the coming days to give momentum to industry. However, market pared all of its gains to enter into negative with a private report stating that India's economy likely expanded at its weakest pace in more than five years in April-June, as consumer demand and private investment weakened at a time global trade frictions have dampened business sentiment and investors have maintained cautious approach ahead to the April-June quarter (Q1FY20) Gross Domestic Product (GDP) numbers to be out later in the day.

Buying in last hour of trade helped market to regain its green terrain and settle above its crucial 11,000 mark, as traders’ turned optimistic with the report that Union Minister Prakash Javadekar, executing confidence that India will become a five trillion dollar economy in the next five years, said that good governance and zero corruption are needed for sustainable economic development in the country. He added that real growth can be seen now with low inflation of three-four per cent.

All the NSE sectoral indices ended in green .The top gainers from the F&O segment were Vodafone Idea, Reliance Infrastructure and Yes Bank. On the other hand, the top losers were NBCC (India), Bharti Infratel and Engineers India. In the index option segment, maximum OI continues to be seen in the 11,600 -11,800 calls and 10,700 - 10,900 puts indicating this is the trading range expectation.

India Volatility Index (VIX), a gauge for market’s short term expectation of volatility decreased by 0.87% and reached 16.28. The 50 share Nifty was up by 74.95 points or 0.68% to settle at 11,023.25.

Among, Nifty calls, 11,000 SP from the September month expiry was the most active call with an addition of 0.23 million open interests. Among Nifty puts, 11,000 from the September month expiry was the most active put with an addition of 0.11 million open interests. The maximum OI outstanding for Calls was at 11,700 SP (2.25 mn) and that for Puts was at 10,800 SP (2.60 mn). The respective Support and Resistance levels of Nifty are: Resistance 11,085.63 -- Pivot Point 10,980.22 -- Support -- 10,917.83.

The Nifty Put Call Ratio (PCR) finally stood at 1.27 for September month contract. The top five scrips with highest PCR on Bosch (7.60), Ramco Cements (5.40), Shree Cement (5.00), Cummins India (2.31) and Siemens (1.75).

Among most active underlying, State Bank of India witnessed an addition of 8.05 million units of Open Interest in the September month futures contract, followed by Reliance Industries witnessing an addition of 1.30 million units of Open Interest in the September month contract, Axis Bank witnessed an addition of 4.31 million units of Open Interest in the September month contract, HDFC Bank witnessed an addition of 1.21 million units of Open Interest in the September month contract and Kotak Mahindra Bank witnessed an addition of 1.03 million units of Open Interest in the September month future contract.

Nifty end in green; above 11k mark

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