Nifty reclaims 10,900 mark on Friday

06 Sep 2019 Evaluate

CNX Nifty traded with traction and ended the wonderful day of trade with a gain of around a percent. Market made positive start and traded with traction, taking support from report that union minister of state for heavy industries and public enterprises, Arjun Ram Meghwal’s statement that the government will do everything to ensure that the economy remains on track and is not weakened so that the country reaches its target of $5 trillion economy. Traders remained optimistic with Agriculture Minister Narendra Singh Tomar’s statement that the condition of Kharif (summer-sown) crops is good and the country is likely to have bumper production of foodgrains. Appreciation in rupee value against the dollar also added to the optimistic sentiments.

Further, second half of trade brought some more cheer to the market and it touched its intraday high with the report that Prime Minister Narendra Modi’s statement that India is committed to becoming a $5 trillion economy by 2024. The street paid no heed towards report that credit rating agency, CARE Ratings revised the India’s Gross domestic products (GDP) estimate downward from 6.7-6.8% earlier to 6.4-6.5% for current financial year (FY20) with the underlying gross value added (GVA) growth of 6.3-6.4% on account of subdued growth in the industrial sector and weakness in the agricultural sector during Q1FY20.

Most of the NSE sectoral indices ended in green, except FMGC, Pharma and Realty. The top gainers from the F&O segment were BIRLASOFT, Tata Power Company and REC. On the other hand, the top losers were Indiabulls Housing Finance, Piramal Enterprises and DLF. In the index option segment, maximum OI continues to be seen in the 11,300 - 11,700 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 5.78% and reached 16.27.The 50 share Nifty was up by 98.30 points or 0.91% to settle at 10,946.20.

Among, Nifty calls, 11,000 SP from the September month expiry was the most active call with a contraction of 0.19 million open interests. Among Nifty puts, 10,800 from the September month expiry was the most active put with an addition of 0.14 million open interests. The maximum OI outstanding for Calls was at 11,500 SP (2.17 mn) and that for Puts was at 10,800 SP (3.33 mn). The respective Support and Resistance levels of Nifty are: Resistance 10,979.68---Pivot Point 10,923.57--Support--10,890.08.

The Nifty Put Call Ratio (PCR) finally stood at 1.22 for September month contract. The top five scrips with highest PCR on Bosch (5.71), Ramco Cements (3.63), Shree Cement (3.33), Cummins India (1.56) and Cholamandalam Investment and Fin Co (1.35).

Among most active underlying, Reliance Industries witnessed a contraction of 0.31 million units of Open Interest in the September month futures contract, followed by State Bank of India witnessing an addition of 2.00 million units of Open Interest in the September month contract, Maruti Suzuki India witnessed an addition of 0.09 million units of Open Interest in the September month contract, Infosys witnessed an addition of 3.32 million units of Open Interest in the September month contract and Indiabulls Housing Finance witnessed an addition of 3.07 million units of Open Interest in the September month future contract.

Nifty reclaims 10,900 mark on Friday

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