Nifty continued its southward journey on Thursday. Market made negative start after claiming that monetary measures taken by the RBI to ensure ample liquidity for all sectors ravaged by the pandemic have been fruitful, governor Shaktikanta Das said monetary policy normalisation or unwinding is not as simple as rolling back a carpet but a much more complex and long-term process. Further, market remained in red zone, as continued selling in FII weighted down on the markets. Foreign institutional investors (FIIs) net sold shares worth Rs 469.50 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 766.95 crore in the Indian equity market on November 10, as per provisional data available on the NSE. Sentiments remained down-beat till the end even after India’s GDP will rise by $406 billion by 2050 and more than 43 million jobs will be created, as the Asia’s third-largest economy leaps towards a net-zero target. Finally, Nifty ended the session below 17900 mark.
Most of the sectoral indices ended in red except Metal and Consumer Durables. The top gainers from the F&O segment were Pidilite Industries, GMR Infrastructure and HAL. On the other hand, the top losers were Bharat Forge, Laurus Labs and Balkrishna Industries. In the index option segment, maximum OI continues to be seen in the 17900 -18200 calls and 17200 -17700 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility increased by 0.29% and reached 16.35. The 50 share Nifty down by 143.60 points or 0.82% to settle at 17,873.60.
Nifty November 2021 futures closed at 17912.90 (LTP) on Thursday, at a premium of 26.20 points over spot closing of 17886.70, while Nifty December 2021 futures ended at 17972.80(LTP), at a premium of 86.10 points over spot closing. Nifty November futures saw an addition of 19,856 units, taking the total open interest (OI) to 2,21,479 units. The near month derivatives contract will expire on November 25, 2021 (Provisional).
From the most active contracts, Tata Steel November 2021 futures traded at a premium of 4.45 points at 1304.45 (LTP) compared with spot closing of 1300.00. The numbers of contracts traded were 37,099 (Provisional).
Reliance Industries November 2021 futures traded at a premium of 1.85 points at 2557.85 (LTP) compared with spot closing of 2556.00. The numbers of contracts traded were 29,711 (Provisional).
SBIN November 2021 futures traded at a premium of 1.85 points at 511.75 (LTP) compared with spot closing of 509.90. The numbers of contracts traded were 22,274 (Provisional).
Infosys November 2021 futures traded at a discount of 1.20 points at 1733.80 (LTP) compared with spot closing of 1735.00. The numbers of contracts traded were 21,466 (Provisional).
TCS November 2021 futures traded at a premium of 4.00 points at 3509.00 (LTP) compared with spot closing of 3505.00. The numbers of contracts traded were 16,496 (Provisional).
Among, Nifty calls, 18000 SP from the October month expiry was the most active call with an addition of 14,009 units open interests. Among Nifty puts, 17800 SP from the October month expiry was the most active put with an addition of 1,208 units open interests. The maximum OI outstanding for Calls was at 18000 SP (51,728 units) and that for Puts was at 17500 SP (51,728 units). The respective Support and Resistance levels of Nifty are: Resistance 17,972.63 -- Pivot Point 17,885.42 -- Support -- 17,799.48.
The Nifty Put Call Ratio (PCR) finally stood at (1.05) for October month contract. The top five scrips with highest PCR on Dalmia Bharat (1.16), ACC (0.92), Canara Bank (0.80), Laurus Labs (0.75) and Abbott India (0.75).
Among most active underlying, Tata Steel witnessed an addition of 10,655 units of Open Interest in the October month futures contract, Tata Motors witnessed an addition of 1,624 units of Open Interest in the October month futures contract, Reliance Industries witnessed an addition of 3,341 units of Open Interest in the October month futures contract, SBIN witnessed an addition of 364 units of Open Interest in the October month futures contract and L&T witnessed an addition of 2,593 units of Open Interest in the October month futures contract (Provisional).
