Continuing its upward journey for the third consecutive session, S&P CNX -- Nifty -- finished the Wednesday’s trade with gains of above half a percent. Market made strong start, as CRISIL projected India’s economy to grow by 11 per cent in the next fiscal year against expected contraction of 8 per cent in 2020 21. Market continued its trade in green territory, as the Organization for Economic Co operation and Development (OECD) raised the projection for India’s economic growth rate by 4.7 percentage points at 12.6 per cent for 2021 22. That would enable India to retain its earlier tag of the fastest growing large economy in the world. In the afternoon session, Index trimmed some of its gains to trade near neutral line, as India reported 16,846 fresh Covid 19 cases on Wednesday pushing the overall tally to 11,261,470, according to Worldometer. However, market added more gains to trade above 15150 level, as CRISIL in its report stated that the production linked incentive (PLI) scheme that seeks to push domestic manufacturing in as many as 14 sectors has the potential to generate additional revenue worth Rs 35 40 lakh crore over the next five years.
Most of the sectoral indices ended in green except PSU Bank.The top gainers from the F&O segment were LTI, MindTree and Coforge. On the other hand, the top losers were Petronet, CONCOR and SBI Life Insurance Company. In the index option segment, maximum OI continues to be seen in the 15200 - 16300 calls and 13,700 - 14,700 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short term expectation of volatility decreased by 7.76% and reached 20.75. The 50 share Nifty up by 76.40 points or 0.51% to settle at 15,174.80.
Nifty March 2021 futures closed at 15203.00 (LTP) on Wednesday, at a premium of 28.20 points over spot closing of 15174.80, while Nifty April 2021 futures ended at 15276.00 (LTP), at a premium of 101.20 points over spot closing. Nifty March futures saw a contraction of 1,953 units, taking the total open interest (Contracts) to 1,52,508 units. The near month derivatives contract will expire on March 25, 2021 (Provisional).
From the most active contracts, Reliance Industries March 2021 futures traded at a premium of 8.20 points at 2187.60 (LTP) compared with spot closing of 2179.40. The numbers of contracts traded were 24,152 (Provisional).
Tata Steel March 2021 futures traded at a premium of 4.05 points at 727.15 (LTP) compared with spot closing of 723.10. The numbers of contracts traded were 16,159 (Provisional).
Bharti Airtel March 2021 futures traded at a premium of 3.00 points at 529.00 (LTP) compared with spot closing of 526.00. The numbers of contracts traded were 15,930 (Provisional).
Infosys March 2021 futures traded at a premium of 6.10 points at 1372.60 (LTP) compared with spot closing of 1366.50. The numbers of contracts traded were 14,772(Provisional).
HCL Tech March 2021 futures traded at a premium of 4.90 points at 991.90 (LTP) compared with spot closing of 987.00. The numbers of contracts traded were 12,811 (Provisional).
Among, Nifty calls, 15500 SP from the March month expiry was the most active call with an addition of 1,120 units open interests. Among Nifty puts, 15000 SP from the March month expiry was the most active put with an addition of 322 units open interests. The maximum OI outstanding for Calls was at 16000 SP (36,359 units) and that for Puts was at 14000 SP (38,112 units). The respective Support and Resistance levels of Nifty are: Resistance 15,228.55 -- Pivot Point 15,164.70 -- Support -- 15,110.95.
The Nifty Put Call Ratio (PCR) finally stood at (1.54) for March month contract. The top five scrips with highest PCR on Muthoot Finance (0.89), Indus Tower (0.87), PVR (0.86), SAIL (0.84) and Kotak Mahindra Bank (0.83).
Among most active underlying, Tata Steel witnessed an addition of 815 units of Open Interest in the March month futures contract followed Tata Motors witnessed a contraction of 234 units of Open Interest in the March month futures contract, Bharti Airtel witnessed an addition 542 units of Open Interest in the March month futures contract, Reliance Industries witnessed an addition of 432 units of Open Interest in the March month futures contract and Bajaj Finance witnessed a contraction of 217 units of Open Interest in the March month futures contract (Provisional).
