The local benchmark -- Nifty -- ended the Friday’s trade with gains of above half a percent. Market made positive start, as the Reserve Bank announced to conduct simultaneous purchase and sale of government securities under open market operations (OMOs) for Rs 10,000 crore each on November 26. The decision was taken after a review of the current liquidity and financial conditions. In late morning session, market traded cautiously, as Global forecasting firm Oxford Economics revised downwards its India growth forecast over the medium term to an average 4.5 per cent over 2020-25, from its pre-pandemic projection of 6.5 per cent. In a research note, it said India's post-COVID-19 scars could be among the worst in the world. However, in late afternoon session, index spike up to trade near 12850 level, as traders took support with report that investments through participatory notes (P-notes) in the Indian capital market surged to Rs 78,686 crore at October-end, making it the highest level in 14 months, on enhanced global liquidity and measures taken by the government back home.
Most of the sectoral indices ended in green except Pharma and Media. The top gainers from the F&O segment were Bharti Infratel, Bajaj Finserv and Vodafone Idea. On the other hand, the top losers were PVR, Ashok Leyland and Reliance Industries. 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 0.25% and reached 19.52.The 50 share Nifty up by 87.35 points or 0.68% to settle at 12,859.05.
Nifty November 2020 futures closed at 12854.00 (LTP) on Friday, at a discount of 5.05 points over spot closing of 12859.05, while Nifty December 2020 futures ended at 12875.05(LTP), at a premium of 16.00 points over spot closing. Nifty November futures saw an addition of 2,592 units, taking the total open interest (Contracts) to 1,54,130. The near month derivatives contract will expire on November 26, 2020 (Provisional).
From the most active contracts, Reliance Industries November 2020 futures traded at a premium of 0.40 points at 1901.40 (LTP) compared with spot closing of 1901.00. The numbers of contracts traded were 61,668 (Provisional).
ICICI Bank November 2020 futures traded at a premium of 1.35 points at 478.35 (LTP) compared with spot closing of 477.00. The numbers of contracts traded were 39,318 (Provisional).
Bajaj Finance November 2020 futures traded at a discount of 7.10 points at 4709.90 (LTP) compared with spot closing of 4717.00. The numbers of contracts traded were 38,893(Provisional).
SBIN November 2020 futures traded at a premium of 0.10 points at 242.10 (LTP) compared with spot closing of 242.00. The numbers of contracts traded were 36,649 (Provisional).
Axis Bank November 2020 futures traded at a premium of 1.20 points at 605.65 (LTP) compared with spot closing of 604.45. The numbers of contracts traded were 31,722 (Provisional).
Among, Nifty calls, 12900 SP from the November month expiry was the most active call with a contraction of 1,456 units open interests. Among Nifty puts, 12800 SP from the November month expiry was the most active put with an addition of 23,663 units open interests. The maximum OI outstanding for Calls was at 13000 SP (48,710 units) and that for Puts was at 12000 SP (58,778 units). The respective Support and Resistance levels of Nifty are: Resistance 12,924.25 -- Pivot Point 12,827.25 -- Support -- 12,762.05.
The Nifty Put Call Ratio (PCR) finally stood at (1.32) for November month contract. The top five scrips with highest PCR on Kotak Mahindra Bank (1.54), Bajaj Finance (1.31), Eicher Motors (1.26), Bajaj Finserv (1.23) and Indusind Bank (1.09)
Among most active underlying, Reliance Industries witnessed an addition of 2,400 units of Open Interest in the November month futures contract followed by Bajaj Finance witnessed an addition of 874 units of Open Interest in the November month futures contract, Bajaj Finserv witnessed an addition of 2,204 units of Open Interest in the November month futures contract, SBIN witnessed a contraction of 275 units of Open Interest in the November month futures contract and ICICI Bank witnessed an addition of 10,921 units of Open Interest in the November month futures contract (Provisional).
