Nifty closes above 11,000 marks on Monday

09 Sep 2019 Evaluate

Despite getting onto a muted start, the index of National Stock Exchange (NSE) - Nifty- ended the day’s trade with a gain over half a percent, to clock third consecutive session of gain. Market started the session on pessimistic note as traders remain concerned with the Reserve Bank of India’s (RBI) data showing that the country's foreign exchange reserves fell by $446 million to $428.604 billion in the week to August 30, mainly on account of a drop in foreign currency assets. However, market soon pared all of their initial losses and entered into green terrain with the report that Environment and forest minister Prakash Javadekar terming the present economic slowdown as a “cyclical process”, the government remains optimistic about near-doubling the economy size to $5 trillion by 2024.

Market sentiments remained positive amid reports that Niti Aayog Chief Executive Officer Amitabh Kant’s statement that states will have to become key agents of growth to help achieve India’s target of becoming a $5 trillion economy. In the last trading hours markets trimmed some of their gains to end off day’s high, as market-men got anxious after India Ratings and Research (Ind-Ra) revised its sector outlook on non-banking finance companies (NBFCs) to negative from stable. Besides, the agency maintained its negative outlook on large ticket housing finance companies (HFCs).

Most of the NSE sectoral indices ended in green, except IT. The top gainers from the F&O segment Multi Commodity Exchange of India, RBL Bank and Tata Power Company. On the other hand, the top losers were Equitas Holdings, Glenmark Pharmaceuticals and Ashok Leyland. In the index option segment, maximum OI continues to be seen in the 11,000 - 11,500 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 2.60% and reached 15.85.The 50 share Nifty was up by 56.85 points or 0.52% to settle at 11,003.05.

Among, Nifty calls, 11,000 SP from the September month expiry was the most active call with a contraction of 0.08million open interests. Among Nifty puts, 11,000 from the September month expiry was the most active put with an addition of 0.26 million open interests. The maximum OI outstanding for Calls was at 11,200 SP (2.11 mn) and that for Puts was at 10,800 SP (3.38 mn). The respective Support and Resistance levels of Nifty are: Resistance 11,058.00 -- Pivot Point 10,973.90 -- Support -- 10,918.95.

The Nifty Put Call Ratio (PCR) finally stood at 1.26 for September month contract. The top five scrips with highest PCR on Bosch (5.71), Shree Cement (4.50), Ramco Cements (3.40), Cummins India (1.94) and Tata Power Company (1.33).

Among most active underlying, Maruti Suzuki India witnessed an addition of 0.31 million units of Open Interest in the September month futures contract, followed by Reliance Industries witnessing an addition of 0.32 million units of Open Interest in the September month contract, State Bank of India witnessed a contraction of 1.02 million units of Open Interest in the September month contract, Bajaj Finance witnessed an addition of 0.28 million units of Open Interest in the September month contract and ICICI Bank witnessed an addition of 2.86 million units of Open Interest in the September month future contract.

Nifty closes above 11,000 marks on Monday

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