Nifty ends volatile trade tad above neutral line

05 Sep 2019 Evaluate

NSE gauge -- Nifty50 -- ended the day’s trade slightly in green amid report that foreign direct investment (FDI) equity inflows rose 28% in the first quarter of 2019-20 to $16.3 billion from $12.7 billion in the year-ago period. Singapore continued to be the top source of FDI at $5.3 billion, followed by Mauritius ($4.6 billion). Market made positive start and gained traction, as traders took encouragement with the report that India invited Russian companies to invest in its oil refining and petrochemical projects as the two nations vowed to increase energy cooperation going beyond LNG supplies and stakes in Russian oil and gas fields.

However, market pared all of its gains and traded choppy for rest of the trade, as traders turned cautious with CRISIL cutting India’s GDP growth to 6.3% in FY20. The global rating agency said that a growth of 5% in the first quarter of the ongoing fiscal corroborates that India’s economic slowdown is deeper and more broad-based than suspected. Market somehow managed to end the trade tad above its neutral line, as traders took some support with the report that a top advisory body on external trade will meet next week to discuss issues related to export promotion, domestic manufacturing and competitiveness in the wake of a fall in exports of traditional, employment-generating sectors such as gems and jewellery, leather, handloom and cotton yarn and fabrics.

Traders were seen piling up positions in Metal, Auto and Media, while selling was witnessed in Realty, Financial services and Bank. The top gainers from the F&O segment were Tata Motors, Tata Motors - DVR and Coal India. On the other hand, the top losers were LIC Housing Finance, Housing Development Finance Corporation and Mahindra & Mahindra Financial Services. In the index option segment, maximum OI continues to be seen in the 10,900 – 11,100 calls and 10,600- 10,900 puts indicating this is the trading range expectation.

India Volatility Index (VIX), a gauge for market’s short term expectation of volatility increased by 0.22% and reached 17.27.The 50 share Nifty was up by 3.25 points or 0.03% to settle at 10,847.90.

Among, Nifty calls, 11,000 SP from the September month expiry was the most active call with an addition of 0.50 million open interests. Among Nifty puts, 10,800 from the September month expiry was the most active put with an addition of 0.25 million open interests. The maximum OI outstanding for Calls was at 11,000 SP (2.36 mn) and that for Puts was at 10,800 SP (3.21 mn). The respective Support and Resistance levels of Nifty are: Resistance 10,906.67--Pivot Point 10,861.33--Support--10,802.57.

The Nifty Put Call Ratio (PCR) finally stood at 1.15 for September month contract. The top five scrips with highest PCR on Bosch (6.67), Ramco Cements (4.14), Shree Cement (4.00), Cummins India (1.64) and Dish TV India (1.30).

Among most active underlying, Reliance Industries witnessed an addition of 1.20 million units of Open Interest in the September month futures contract, followed by State Bank of India witnessing an addition of 4.82 million units of Open Interest in the September month contract, HDFC Bank witnessed an addition of 8.86 million units of Open Interest in the September month contract, Housing Development Finance Corporation witnessed an addition of 1.24 million units of Open Interest in the September month contract and ICICI Bank witnessed an addition of 2.73 million units of Open Interest in the September month future contract.

Nifty ends volatile trade tad above neutral line

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