Nifty gave powerful performance by surging above a percent on Thursday, surpassing its psychological level of 17400 buoyed by gains in IT, media, and metal stocks. Among the 50 stocks on Nifty, Adani Ports, HDFC, Power Grid, BPCL, Tech Mahindra led the gains. Market made a positive start, as India's merchandise exports in November rose by 26.49 per cent to $29.88 billion on account of healthy growth in sectors such as engineering, petroleum, chemicals and marine products. Besides, the income tax department said it has issued refunds of over Rs 1.29 lakh crore in 8 months of the current fiscal. This includes Rs 16,691.50 crore worth refunds to 79.70 lakh taxpayers for Assessment Year 2021-22. Further, market extended its gains as PHD Chamber of Commerce and Industry (PHDCCI) has suggested the rationalisation of direct and indirect tax rates. PHDCCI President Pradeep Multani said refuelling of consumption demand should be the theme of the Budget to have a multiplier effect on production possibilities, private investments and employment creation in the country.
Index continued the gaining momentum till the end as sentiment got boost with Union Minister for Electronics and Information Technology Ashwini Vaishnaw’s statement that the government is keen to make India a $250 billion electronic manufacturing hub in the next five years. He also expressed happiness over the electronics manufacturing industry assuring $300 billion revenue by 2025-26.
All the sectoral indices ended in green. The top gainers from the F&O segment were GMR Infrastructure, MCX and Adani Ports. On the other hand, the top losers were Pfizer, Indus Towers and Vedanta. In the index option segment, maximum OI continues to be seen in the 17900 -18150 calls and 16800 -17150 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 6.99% and reached 18.09. The 50 share Nifty up by 234.75 points or 1.37% to settle at 17,401.65.
Nifty December 2021 futures closed at 17439.90 (LTP) on Thursday, at a premium of 38.25 points over spot closing of 17401.65, while Nifty January 2022 futures ended at 17490.50 (LTP), at a premium of 88.85 points over spot closing. Nifty December futures saw an addition of 8,891 units, taking the total open interest (OI) to 2,43,384 units. The near month derivatives contract will expire on December 30, 2021 (Provisional).
From the most active contracts, Tata Steel December 2021 futures traded at a premium of 4.65 points at 1117.60 (LTP) compared with spot closing of 1112.95. The numbers of contracts traded were 27,876 (Provisional).
ICICI Bank December 2021 futures traded at a premium of 2.50 points at 726.00 (LTP) compared with spot closing of 723.50. The numbers of contracts traded were 25,013 (Provisional).
Reliance Industries December 2021 futures traded at a premium of 3.15 points at 2485.10 (LTP) compared with spot closing of 2481.95. The numbers of contracts traded were 24,668 (Provisional).
TCS December 2021 futures traded at a premium of 8.45 points at 3645.45 (LTP) compared with spot closing of 3637.00. The numbers of contracts traded were 19,278 (Provisional).
Infosys December 2021 futures traded at a premium of 0.10 points at 1748.10 (LTP) compared with spot closing of 1748.00. The numbers of contracts traded were 17,122 (Provisional).
Among, Nifty calls, 17500 SP from the December month expiry was the most active call with an addition of 1,843 units open interests. Among Nifty puts, 17000 SP from the December month expiry was the most active put with an addition of 6,179 units open interests. The maximum OI outstanding for Calls was at 18000 SP (66,497 units) and that for Puts was at 17000 SP (1,05,662 units). The respective Support and Resistance levels of Nifty are: Resistance 17,498.23 -- Pivot Point 17,323.77 -- Support -- 17,227.18.
The Nifty Put Call Ratio (PCR) finally stood at (1.34) for December month contract. The top five scrips with highest PCR on JK Cement (4.00), Escorts (1.38), Bajaj Finserv (1.04), LIC Housing Finance (1.01) and Titan Company (0.88).
Among most active underlying, ICICI Bank witnessed an addition of 7,099 units of Open Interest in the December month futures contract, Tata Power witnessed an addition of 873 units of Open Interest in the December month futures contract, Reliance Industries witnessed an addition of 2,491 units of Open Interest in the December month futures contract, Bharti Airtel witnessed an addition of 826 units of Open Interest in the December month futures contract and Tata Motors witnessed a contraction of 28 units of Open Interest in the December month futures contract (Provisional).
