S&P CNX -- Nifty continued its fall for third day in row. Market made cautious start and soon slipped into red zone, as a private report said that even though the overall outlook for corporates have improved on the back of faster than expected recovery, and the same is likely to gain further traction in H2 but the rising commodity prices and logistics cost pose headwinds to their profitability. Market extended its losses despite report that bank credit grew by 7.14 per cent to Rs 111.64 lakh crore and deposits increased by 11.42 per cent to Rs 160.49 lakh crore in the fortnight ended November 15, 2021. Traders failed took support, with Economic Advisory Council to the Prime Minister (EAC-PM) Chairman Bibek Debroy’s statement that India is on a path towards a higher growth trajectory, higher poverty reduction, higher employment, and a prosperous, more developed and better governed India and the country’s Gross domestic product (GDP) is likely to grow at around 10 percent in 2021-22. In late afternoon session, market trimmed some losses but ended in negative territory with the cut of above half a percent.
Most of the sectoral indices ended in red except PSU Bank. The top gainers from the F&O segment were Escorts, Chambal Fertilisers & Chemicals and PNB. On the other hand, the top losers were COFORGE, Ashok Leyland and Tata Power. In the index option segment, maximum OI continues to be seen in the 17950 -18300 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 0.81% and reached 14.86. The 50 share Nifty down by 133.85 points or 0.75% to settle at 17,764.80.
Nifty November 2021 futures closed at 17770.10 (LTP) on Thursday, at a premium of 5.30 points over spot closing of 17764.80, while Nifty December 2021 futures ended at 17833.95 (LTP), at a premium of 69.15 points over spot closing. Nifty November futures saw an addition of 2,338 units, taking the total open interest (OI) to 2,03,049 units. The near month derivatives contract will expire on November 25, 2021 (Provisional).
From the most active contracts, Escorts November 2021 futures traded at a discount of 1.00 points at 1795.00 (LTP) compared with spot closing of 1796.00. The numbers of contracts traded were 55,786 (Provisional).
Vedanta November 2021 futures traded at a premium of 0.50 points at 310.00 (LTP) compared with spot closing of 309.50. The numbers of contracts traded were 44,149 (Provisional).
Tata Steel November 2021 futures traded at a premium of 2.15 points at 1190.05 (LTP) compared with spot closing of 1187.90. The numbers of contracts traded were 38,054 (Provisional).
Adani Ports November 2021 futures traded at a discount of 0.20 points at 724.00 (LTP) compared with spot closing of 724.20. The numbers of contracts traded were 36,101 (Provisional).
Reliance Industries November 2021 futures traded at a premium of 4.00 points at 2477.00 (LTP) compared with spot closing of 2473.00. The numbers of contracts traded were 32,834 (Provisional).
Among, Nifty calls, 18000 SP from the October month expiry was the most active call with an addition of 71,758 units open interests. Among Nifty puts, 17500 SP from the October month expiry was the most active put with an addition of 11,326 units open interests. The maximum OI outstanding for Calls was at 18000 SP (1,15,637 units) and that for Puts was at 17500 SP (61,284 units). The respective Support and Resistance levels of Nifty are: Resistance 17,910.77 -- Pivot Point 17,799.63 -- Support -- 17,653.67.
The Nifty Put Call Ratio (PCR) finally stood at (0.65) for October month contract. The top five scrips with highest PCR on Dalmia Bharat (1.07), Indigo (0.89), Apollo Hospital (0.85), ACC (0.83) and Adani Enterprises (0.80).
Among most active underlying, Escorts witnessed a contraction of 1,069 units of Open Interest in the October month futures contract, Vedanta witnessed a contraction of 1,313 units of Open Interest in the October month futures contract, Adani ports witnessed an addition of 15,280 units of Open Interest in the October month futures contract, Tata Motors witnessed a contraction of 1,132 units of Open Interest in the October month futures contract and SBIN witnessed an addition of 1,664 units of Open Interest in the October month futures contract (Provisional).
