The local benchmark -- Nifty -- ended remarkable day of trade above its crucial 12600 level. Market made positive start, as traders took support with optimism over Covid-19 vaccine as Pfizer Inc's said its experimental COVID-19 vaccine was more than 90 percent effective based on initial trial results, and they have so far found no serious safety concerns, priming it for possible speedy regulatory approvals. Further, index added more gains, as the country's exports grew 22.47 per cent year-on-year to $6.75 billion in the first week of November, mainly driven by healthy growth in pharmaceuticals, gems and jewellery and engineering sectors. The exports during the first week of November last year was $5.51 billion. Sentiments remained upbeat after SBI Research report stated that a number of green shoots are visible in the economy five months after easing restrictions. It also said assuming that India escapes a second wave, the pandemic will subside by February 2021. In late afternoon session, market extended its upside to trade above 12600 level and finished the trade with gains of over a percent.
Most of the sectoral indices ended in green except IT and Pharma. The top gainers from the F&O segment were Baja Finance, Indigo and Ashok leyland. On the other hand, the top losers were Muthoot Finance, Cadila Healthcare and Lupin. In the index option segment, maximum OI continues to be seen in the 12500 - 13,700 calls and 11,900 - 12,800 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short term expectation of volatility increased by 7.28% and reached 21.58.The 50 share Nifty up by 170.05 points or 1.36% to settle at 12,631.10.
Nifty November 2020 futures closed at 12662.30 (LTP) on Tuesday, at a premium of 31.20 points over spot closing of 12631.10, while Nifty December 2020 futures ended at 12675.10 (LTP) , at a premium of 44.00 points over spot closing. Nifty November futures saw an addition of 13,982 units, taking the total open interest (Contracts) to 1,66,827. The near month derivatives contract will expire on November 26, 2020 (Provisional).
From the most active contracts, Indusind Bank November 2020 futures traded at a premium of 2.00 points at 834.00 (LTP) compared with spot closing of 832.00. The numbers of contracts traded were 48,071 (Provisional).
ICICI Bank November 2020 futures traded at a premium of 1.50 points at 486.30 (LTP) compared with spot closing of 484.80. The numbers of contracts traded were 46,877 (Provisional).
Bajaj Finance November 2020 futures traded at a discount of 26.85 points at 4183.15 (LTP) compared with spot closing of 4210.00. The numbers of contracts traded were 45,796(Provisional).
SBIN November 2020 futures traded at a premium of 1.00 points at 233.00 (LTP) compared with spot closing of 232.00. The numbers of contracts traded were 44,318 (Provisional).
Reliance Industries November 2020 futures traded at a premium of 2.00 points at 2091.00 (LTP) compared with spot closing of 2089.00. The numbers of contracts traded were 43,682 (Provisional).
Among, Nifty calls, 13200 SP from the November month expiry was the most active call with an addition of 11,588 units open interests. Among Nifty puts, 12500 SP from the November month expiry was the most active put with an addition of 9,307 units open interests. The maximum OI outstanding for Calls was at 13000 SP (22,300 units) and that for Puts was at 12000 SP (40,085 units). The respective Support and Resistance levels of Nifty are: Resistance 12,691.58 -- Pivot Point 12,583.42 -- Support --12,522.93.
The Nifty Put Call Ratio (PCR) finally stood at (1.52) for November month contract. The top five scrips with highest PCR on Bajaj Finance (1.57), Indusind Bank (1.44), Kotak Mahindra Bank (1.29), SBIN (1.28) and HDFC Bank (1.21).
Among most active underlying, Bajaj Finance witnessed an addition of 1,722 units of Open Interest in the November month futures contract followed by Reliance Industries witnessed an addition of 410 units of Open Interest in the November month futures contract, Indusind Bank witnessed an addition of 2,898 units of Open Interest in the November month futures contract, ICICI Bank witnessed an addition of 3,987 units of Open Interest in the November month futures contract and SBIN witnessed an addition of 2,097 units of Open Interest in the November month futures contract (Provisional).
