The local benchmark -- Nifty -- extended its upward journey on Tuesday and ended the session above 14650 mark. Market made a positive start, as India reported a slight dip in the number of fresh Covid infections and fatalities on Tuesday with 319,435 cases and 2,764 deaths, Worldometer showed. Index maintained its gains as bank credit grew by 5.33 per cent to Rs 108.89 lakh crore, and deposits rose 10.94 per cent to Rs 152.15 lakh crore in the fortnight ended April 9, 2021. In the fortnight ended April 10, 2020, bank advances stood at Rs 103.38 lakh crore and deposits were Rs 137.15 lakh crore. Traders overlooked report that global forecasting firm Oxford Economics revised downwards its India GDP growth forecast for 2021 to 10.2 percent from 11.8 percent previously, citing the country's escalating health burden, faltering vaccination rate and lack of a convincing government strategy to contain the pandemic.
In the last leg of the trade index touched intraday high as traders took support amid report that in a show of solidarity, the CEOs of about 40 top American companies have come together to create a first-of-its-kind country-specific global task force to mobilise resources and coordinate efforts to help India fight the battle against COVID-19. In late afternoon session, market added more points to touch intraday highpoint. Finally, Nifty finished the day’s trade with gains of above a percent.
All the sectoral indices ended in green. The top gainers from the F&O segment were Deepak Nitrite, Navin Fluorine International and Aarti Industries. On the other hand, the top losers were SBI Life, ICICI Prudential Life Insurance and HDFC Life. In the index option segment, maximum OI continues to be seen in the 14700 -16700 calls and 13,900 -14,600 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short term expectation of volatility decreased by 1.75% and reached 23.08. The 50 share Nifty up by 168.05 points or 1.16% to settle at 14,653.05.
Nifty April 2021 futures closed at 14645.05 (LTP) on Tuesday, at a discount of 8 points over spot closing of 14653.05, while Nifty May 2021 futures ended at 14699.70 (LTP), at a premium of 46.65 points over spot closing. Nifty April futures saw an addition of 1,384 units, taking the total open interest (Contracts) to 1,28,237 units. The near month derivatives contract will expire on April 29, 2021(Provisional).
From the most active contracts, Reliance Industries April 2021 futures traded at a discount of 3.05 points at 1986.95 (LTP) compared with spot closing of 1990.00. The numbers of contracts traded were 54,074 (Provisional).
Axis Bank April 2021 futures traded at a premium of 1.65 points at 702.55 (LTP) compared with spot closing of 700.90. The numbers of contracts traded were 33,428 (Provisional).
ICICI Bank April 2021 futures traded at a discount of 0.95 points at 598.05 (LTP) compared with spot closing of 599.00. The numbers of contracts traded were 33,313 (Provisional).
Maruti Suzuki India April 2021 futures traded at a premium of 8.15 points at 6560.15 (LTP) compared with spot closing of 6552.00. The numbers of contracts traded were 22,938 (Provisional).
Bharti Airtel April 2021 futures traded at a premium of 1.25 points at 536.75 (LTP) compared with spot closing of 535.50. The numbers of contracts traded were 22,833 (Provisional).
Among, Nifty calls, 14800 SP from the April month expiry was the most active call with an addition of 1,842 units open interests. Among Nifty puts, 14500 SP from the April month expiry was the most active put with an addition of 32,071 units open interests. The maximum OI outstanding for Calls was at 15000 SP (68,199 units) and that for Puts was at 14000 SP (82,704 units). The respective Support and Resistance levels of Nifty are: Resistance 14,718.78 -- Pivot Point 14,601.82 -- Support -- 14,536.08.
The Nifty Put Call Ratio (PCR) finally stood at (1.43) for April month contract. The top five scrips with highest PCR on PVR (1.40), Indigo (1.37), Tata Steel (1.30), Wipro (1.21) and Bata india (1.12).
Among most active underlying, Tata Steel witnessed an addition of 1,860 units of Open Interest in the April month futures contract, Axis Bank witnessed an addition of 6,569 units of Open Interest in the April month futures contract, ICICI Bank witnessed an addition of 9,415 units of Open Interest in the April month futures contract, Reliance Industries witnessed an addition of 6,929 units of Open Interest in the April month futures contract and Bharti Airtel witnessed an addition of 26 units of Open Interest in the April month futures contract (Provisional).
