S&P CNX Nifty resumed its northward journey, as sentiments turned bullish on Friday tracking positive global cues. Market made positive start, as traders took some support with Union Minister of State for Finance Bhagwat Karad’s statement that buoyancy in Goods and Services Tax (GST) collection in October shows the Indian economy, adversely affected by the coronavirus pandemic, is on the path to swift recovery. Indicating the impact of festive buying, GST collection remained above Rs 1 lakh crore for the fourth month in a row at over Rs 1.30 lakh crore in October. Market maintained its gains, as Niti Aayog Vice-Chairman Rajiv Kumar said Indian economy is expected to grow by more than 10 per cent in the current fiscal supported by a record kharif crop and bright rabi prospects. According to Kumar, significant increase in exports will also boost economic growth and employment generation.
Buying got intensified during the late afternoon session to touch intraday high point, after government has launched two innovative customer centric initiatives of RBI viz. Retail Direct Scheme and the Reserve Bank - Integrated Ombudsman Scheme with an aim to expand the scope of investment in the country and make access to capital markets easier, more secure for investors. Finally, Nifty ended the session with the gains of above a percent.
Most of the sectoral indices ended in green except Media and PSU Bank. The top gainers from the F&O segment were Indigo, Icici Prudential Life Insurance and LTI. On the other hand, the top losers were REC, Indiabulls Housing Finance 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 decreased by 6.94% and reached 15.22. The 50 share Nifty up by 229.15 points or 1.28% to settle at 18,102.75.
Nifty November 2021 futures closed at 18141.25 (LTP) on Friday, at a premium of 38.50 points over spot closing of 18102.75, while Nifty December 2021 futures ended at 18197.00 (LTP), at a premium of 94.25 points over spot closing. Nifty November futures saw a contraction of 5,811 units, taking the total open interest (OI) to 2,09,581 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 3.30 points at 1290.00 (LTP) compared with spot closing of 1286.70. The numbers of contracts traded were 65,878 (Provisional).
Reliance Industries November 2021 futures traded at a premium of 6.90 points at 2594.90 (LTP) compared with spot closing of 2588.00. The numbers of contracts traded were 29,429 (Provisional).
Bharat Forge November 2021 futures traded at a discount of 1.00 points at 770.00 (LTP) compared with spot closing of 771.00. The numbers of contracts traded were 24,131 (Provisional).
Infosys November 2021 futures traded at a discount of 0.20 points at 1779.30 (LTP) compared with spot closing of 1779.50. The numbers of contracts traded were 23,683 (Provisional).
Hindalco Industries November 2021 futures traded at a premium of 0.85 points at 468.95 (LTP) compared with spot closing of 468.10. The numbers of contracts traded were 22,639 (Provisional).
Among, Nifty calls, 18200 SP from the October month expiry was the most active call with an addition of 252 units open interests. Among Nifty puts, 18000 SP from the October month expiry was the most active put with an addition of 14,567 units open interests. The maximum OI outstanding for Calls was at 18500 SP (47,596 units) and that for Puts was at 17500 SP (51,812 units). The respective Support and Resistance levels of Nifty are: Resistance 18,181.87 -- Pivot Point 18,043.88 -- Support -- 17,964.77
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 9,177 units of Open Interest in the October month futures contract, Reliance Industries witnessed a contraction of 1,011 units of Open Interest in the October month futures contract, Adani Enterprises witnessed a contraction of 1,181 units of Open Interest in the October month futures contract, ICICI Bank witnessed an addition of 2,536 units of Open Interest in the October month futures contract and Bharti Airtel witnessed an addition of 1,095 units of Open Interest in the October month futures contract (Provisional).
