Nifty manages to settle in green

18 Sep 2019 Evaluate

Snapping its 2-day losing streak, the local benchmark -- Nifty -- ended with marginal gains on Wednesday. Market made an optimistic start, as traders took some solace with a report that the finance ministry is working on one more booster dose to give a leg-up to the economy that has hit over six-year low of 5 per cent. As per the report, the blue print for the stimulus is ready that would be announced by Finance Minister Nirmala Sitharaman in the next few days. Some support also came with Principal Economic Adviser Sanjeev Sanyal’s statement that there is far more space on the monetary side than the fiscal front for lifting sagging economic growth.

Key index soon turned volatile but managed to trade above neutral line for the most part of the day, taking support with Minister of Commerce and Industry and Railways Piyush Goyal’s statement that government is planning to launch a National Logistics Policy to reduce trade costs. He added that all transport sectors of railways, civil aviation, roads and shipping would work towards bringing logistics costs below 10%. Traders also took note of Niti Aayog chief executive Amitabh Kant’s statement that structural reforms in agriculture and exports are needed to bring growth rate back to higher levels. He also said the fundamentals of the economy are intact which will help the government take back the economy to the higher growth trajectory soon despite the global slowdown.

Most of the NSE sectoral indices ended in green, except Auto, Media and Pharma. The top gainers from the F&O segment NMDC, Hindustan Petroleum Corporation and Tata Steel. On the other hand, the top losers were Vodafone Idea, REC and Britannia Industries. 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 4.15% and reached 15.35.The 50 share Nifty was up by 23.05 points or 0.21% to settle at 10,840.65.

Among, Nifty calls, 11,000 SP from the September month expiry was the most active call with an addition of 0.20 million open interests. Among Nifty puts, 10,800 from the September month expiry was the most active put with a contraction of 0.18 million open interests. The maximum OI outstanding for Calls was at 11,000 SP (3.50 mn) and that for Puts was at 10,800 SP (3.80 mn). The respective Support and Resistance levels of Nifty are: Resistance 10,882.25 -- Pivot Point 10,843.55 -- Support -- 10,801.95.

The Nifty Put Call Ratio (PCR) finally stood at 0.99 for September month contract. The top five scrips with highest PCR on Ramco Cements (2.29), Muthoot Finance (1.38), Godrej Consumer Products (1.37),Shree Cement (1.29) and Infosys (1.13).

Among most active underlying, State Bank of India witnessed an addition of 1.64 million units of Open Interest in the September month futures contract, followed by Maruti Suzuki India witnessing an addition of 0.06 million units of Open Interest in the September month contract, Reliance Industries witnessed an addition of 1.60 million units of Open Interest in the September month contract, Axis Bank witnessed an addition of 1.85 million units of Open Interest in the September month contract and Bajaj Finance witnessed an addition of 0.33 million units of Open Interest in the September month future contract.

Nifty manages to settle in green

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