S&P CNX -- Nifty -- continued its upward journey on Wednesday to end at fresh record highs. Market made cautious start after enthusiasm over a Covid-19 vaccine faded with a rise in coronavirus cases across the world. Market continued its trade below neutral line, as the committee, comprising senior central and state tax officers, is looking to further tighten the Goods and Services Tax (GST) registration process and work out other legal measures including necessary law amendment required in the GST Act to curb the menace of fake invoicing. However, in late afternoon session, market spike up in green zone, as traders took support with Prime Minister Narendra Modi’s statement that his government will leave no stone unturned to make India a preferred global investment destination as he pitched for foreign investment to modernise urban centres, offering a business friendly climate and a huge market. As the nation rebuilds post pandemic, he said COVID-19 has given governments the chance to accelerate the 'process of making cities more liveable for people. Finally, Nifty ended the session above 12900 mark.
Most of the sectoral indices ended in green except FMGC, IT and Pharma. The top gainers from the F&O segment were M&M, Tata Motors and Mahindra & Mahindra Financial Services. On the other hand, the top losers were BPCL, Ambuja Cements and Aurobindo Pharma. 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 decreased by 2.73% and reached 19.26.The 50 share Nifty up by 64.05 points or 0.50% to settle at 12,938.25.
Nifty November 2020 futures closed at 12963.30 (LTP) on Wednesday, at a premium of 25.05 points over spot closing of 12938.25, while Nifty December 2020 futures ended at 12980.00 (LTP), at a premium of 41.75 points over spot closing. Nifty November futures saw an addition of 4,518 units, taking the total open interest (Contracts) to 1,59,673. The near month derivatives contract will expire on November 26, 2020 (Provisional).
From the most active contracts, SBIN November 2020 futures traded at a premium of 0.30 points at 252.80 (LTP) compared with spot closing of 252.50. The numbers of contracts traded were 41,639 (Provisional).
Bajaj Finance November 2020 futures traded at a discount of 1.25 points at 4659.00 (LTP) compared with spot closing of 4660.25. The numbers of contracts traded were 35,643 (Provisional).
Reliance Industries November 2020 futures traded at a premium of 4.65 points at 1996.35 (LTP) compared with spot closing of 1991.70. The numbers of contracts traded were 32,484 (Provisional).
ICICI Bank November 2020 futures traded at a premium of 1.10 points at 498.70 (LTP) compared with spot closing of 497.60. The numbers of contracts traded were 27,993 (Provisional).
Indusind Bank November 2020 futures traded at a premium of 0.85 points at 831.45 (LTP) compared with spot closing of 830.60. The numbers of contracts traded were 24,349 (Provisional).
Among, Nifty calls, 13000 SP from the November month expiry was the most active call with an addition of 1,002 units open interests. Among Nifty puts, 12800 SP from the November month expiry was the most active put with an addition of 7,953 units open interests. The maximum OI outstanding for Calls was at 13000 SP (26,408 units) and that for Puts was at 12000 SP (39,326 units). The respective Support and Resistance levels of Nifty are: Resistance 12,984.95 -- Pivot Point 12,902.15 -- Support --12,855.45.
The Nifty Put Call Ratio (PCR) finally stood at (1.52) for November month contract. The top five scrips with highest PCR on SBIN (1.57), Bajaj Finance (1.51), Eicher Motors (1.39), Kotak Mahindra Bank (1.35) and Apollo Tyre (1.29)
Among most active underlying, Bajaj Finance witnessed a contraction of 98 units of Open Interest in the November month futures contract followed by Reliance Industries witnessed an addition of 861 units of Open Interest in the November month futures contract, SBIN witnessed an addition of 1,168 units of Open Interest in the November month futures contract, Tata Motors witnessed an addition of 1,573 units of Open Interest in the November month futures contract and Mahindra and Mahindra witnessed an addition of 993 units of Open Interest in the November month futures contract (Provisional).
