Indian benchmark -- Nifty -- ended the day’s trade below its crucial 15,650 levels. Market made positive start, as India's daily Covid-19 cases remained below the 100,000 again. Market maintained its gains, as some support came with a private survey stating that as India continues to maintain the momentum of its economic activities, hiring plans are likely to become stable during the July-September 2021 quarter mainly led by transportation and utilities and the services sector. Some comfort also came with Trade Promotion Council of India (TPCI) stating that the proposed free trade agreement between India and the European Union would benefit domestic exporters as EU is one of the biggest traditional markets for the country. However, index failed to hold its gains and entered into red zone, as the World Bank slashed India's GDP forecast to 8.3 per cent for FY22, the fiscal year starting April 2021, as against its earlier estimate of 10.1 per cent. Traders overlooked that India's exports grew by 52.39 per cent to $7.71 billion during the first week of this month on account of healthy growth in shipments in sectors including engineering, gems and jewellery and petroleum products. Finally, Nifty ended the session with the cut of above half a percent.
All the sectoral indices ended in red. The top gainers from the F&O segment were Tata Power, REC and Indiabulls Housing Finance. On the other hand, the top losers were Vodafone Idea, Shriram Transport Finance Company and Petronet LNG. In the index option segment, maximum OI continues to be seen in the 15600 -16500 calls and 13500 -15,300 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short term expectation of volatility decreased by 3.10% and reached 14.75. The 50 share Nifty down by 104.75 points or 0.67% to settle at 15,635.35.
Nifty June 2021 futures closed at 15668.95 (LTP) on Wednesday, at a premium of 33.60 points over spot closing of 15635.35, while Nifty July 2021 futures ended at 15718.00 (LTP), at a premium of 82.65 points over spot closing. Nifty June futures saw an addition of 5,067 units, taking the total open interest (OI) to 1,50,120 units. The near month derivatives contract will expire on June 24, 2021 (Provisional).
From the most active contracts, Tata power June 2021 futures traded at a discount of 0.90 points at 124.10 (LTP) compared with spot closing of 125.00. The numbers of contracts traded were 46,501 (Provisional).
Reliance Industries June 2021 futures traded at a premium of 2.90 points at 2180.90 (LTP) compared with spot closing of 2178.00. The numbers of contracts traded were 35,280 (Provisional).
Adani Ports June 2021 futures traded at a premium of 1.75 points at 854.75 (LTP) compared with spot closing of 853.00. The numbers of contracts traded were 34,554 (Provisional).
SBIN June 2021 futures traded at a premium of 1.20 points at 423.15 (LTP) compared with spot closing of 421.95. The numbers of contracts traded were 28,088 (Provisional).
ICICI Bank June 2021 futures traded at a premium of 1.85 points at 637.85 (LTP) compared with spot closing of 636.00. The numbers of contracts traded were 27,376 (Provisional).
Among, Nifty calls, 15800 SP from the June month expiry was the most active call with an addition of 2,406 units open interests. Among Nifty puts, 15500 SP from the June month expiry was the most active put with an addition of 8,624 units open interests. The maximum OI outstanding for Calls was at 16000 SP (31,662 units) and that for Puts was at 15000 SP (40,647 units). The respective Support and Resistance levels of Nifty are: Resistance 15,768.23 -- Pivot Point 15,667.57 -- Support -- 15,534.68.
The Nifty Put Call Ratio (PCR) finally stood at (1.60) for June month contract. The top five scrips with highest PCR on PVR (0.97), Titan company (0.84), Adani Enterprises (0.79), Piramal Enterprises (0.74) and UPL (0.69).
Among most active underlying, Tata Power witnessed an addition of 2,093 units of Open Interest in the June month futures contract, Adani Ports witnessed a contraction of 654 units of Open Interest in the June month futures contract, Adani Enterprises witnessed an addition of 552 units of Open Interest in the June month futures contract, Tata Motors witnessed a contraction of 1,052 units of Open Interest in the June month futures contract and ICICI Bank witnessed an addition of 4,785 units of Open Interest in the June month futures contract (Provisional).
