Nifty snaps 5 day gaining streak to end lower

12 Sep 2019 Evaluate

Snapping five days winning streak, NSE gauge -- Nifty 50 ended the Thursday’s trade in red with cut of around half a percent as Organization of the Petroleum Exporting Countries (OPEC) stating that it seems India's economic slowdown could continue for the next two to three years as the economy faces serious structural reform, which will hurt consumer demand and manufacturing. Market made a positive start with the report that Union minister Ravi Shankar Prasad termed the low Gross Domestic Product (GDP) growth as a ‘temporary phenomenon’, and said things will improve in future as the fundamentals of Indian economy are strong. Some support also came with the report that monsoon rains in India were above average. The IMD said that for the country as a whole, cumulative rainfall during this year's monsoon from June 01 till September 11 was 3% above the Long Period Average (LPA).

Market gave up all of its gains and entered into red to end near day’s low amid Moody's report that Indian non-banking financial companies (NBFCs) and housing finance companies (HFCs) are pulling back on loan against property (LAP) lending to micro, small and medium sized enterprises (MSMEs) because of the funding squeeze caused by the liquidity crisis in the country's financial sector.

Most of the NSE sectoral indices ended in red, except Bank, Pharma and Financial services. The top gainers from the F&O segment Tata Power Company, Castrol India and InterGlobe Aviation. On the other hand, the top losers were Yes Bank, Tata Motors – DVR and SRF. In the index option segment, maximum OI continues to be seen in the 10,800 - 11,300 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 3.07% and reached 14.90.The 50 share Nifty was down by 52.90 points or 0.48% to settle at 10,982.80.

Among, Nifty calls, 11,200 SP from the September month expiry was the most active call with an addition of 0.91 million open interests. Among Nifty puts, 11,000 from the September month expiry was the most active put with an addition of 0.32 million open interests. The maximum OI outstanding for Calls was at 11,000 SP (2.39 mn) and that for Puts was at 10,800 SP (2.94 mn). The respective Support and Resistance levels of Nifty are: Resistance 11,054.72 -- Pivot Point 11,009.83 -- Support -- 10,937.92.

The Nifty Put Call Ratio (PCR) finally stood at 1.16 for September month contract. The top five scrips with highest PCR on Shree Cement (3.00), Ramco Cements (1.79), Hindalco Industries (1.42), Muthoot Finance (1.35) and Cummins India (1.22).

Among most active underlying, Reliance Industries witnessed an addition of 3.00 million units of Open Interest in the September month futures contract, followed by Maruti Suzuki India witnessing a contraction of 0.09 million units of Open Interest in the September month contract, Housing Development Finance Corporation witnessed an addition of 2.40 million units of Open Interest in the September month contract, State Bank of India witnessed an addition of 2.36 million units of Open Interest in the September month contract and HDFC Bank witnessed an addition of 0.60 million units of Open Interest in the September month future contract.

Nifty snaps 5 day gaining streak to end lower

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