After spending most of the time in red zone, Nifty finished the Tuesday’s session on higher note amid buying in IT and realty counters. 37 of the 50 Nifty constituents ended the session with gains. Market made a negative start with continued rise in commodity prices, especially Brent crude. Index continued its weak trade, as Crisil report warned that the Russian invasion of Ukraine, and the flurry of punitive sanctions imposed on the former by the US and European nations, have the potential to cull India's imports on one hand and also lead to input cost pressure on downstream companies in India Inc. Further, index enlarge its losses, as rating agency ICRA in its latest report has said that the ongoing conflict between Ukraine and Russia will burden domestic steelmakers with high input costs. However, in late afternoon session, index removed all its losses to trade day’s high point as traders found support with Commerce and Industry Minister Piyush Goyal’s statement that goods exports will exceed the ambitious target set for the current fiscal and touch $410 billion, despite the supply-side disruptions caused by the Russia-Ukraine conflict. Finally, Nifty closed the session with the gains of over half a percent.
Most of the sectoral indices ended in green except Metal and Oil & Gas. The top gainers from the F&O segment were IGL, City Union Bank and SBI Cards and Payment Services. On the other hand, the top losers were ONGC, Hindalco and JK Cement. In the index option segment, maximum OI continues to be seen in the 16900 -17100 calls and 15900 -16200 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 2.53% and reached 28.59. The 50 share Nifty up by 150.30 points or 0.95% to settle at 16,013.45.
Nifty March 2022 futures closed at 16013.10 (LTP) on Tuesday, at a discount of 0.35 points over spot closing of 16013.45, while Nifty April 2022 futures ended at 16050.00 (LTP), at a premium of 36.55 points over spot closing. Nifty March futures saw an addition of 22,538 units, taking the total outstanding open interest (OI) to 2,73,215 units. The near month derivatives contract will expire on March 31, 2022 (Provisional).
From the most active contracts, ICICI Bank March 2022 futures traded at a premium of 0.50 points at 664.50 (LTP) compared with spot closing of 664.00. The numbers of contracts traded were 42,945 (Provisional).
Reliance Industries March 2022 futures traded at a premium of 4.10 points at 2239.15 (LTP) compared with spot closing of 2235.05. The numbers of contracts traded were 42,055 (Provisional).
Infosys March 2022 futures traded at a premium of 3.05 points at 1778.25 (LTP) compared with spot closing of 1775.20. The numbers of contracts traded were 37,008 (Provisional).
HDFC Bank March 2022 futures traded at a discount of 2.90 points at 1330.10 (LTP) compared with spot closing of 1333.00. The numbers of contracts traded were 31,688 (Provisional).
Tata Steel March 2022 futures traded at a premium of 2.60 points at 1268.50 (LTP) compared with spot closing of 1265.90. The numbers of contracts traded were 29,383 (Provisional).
Among, Nifty calls, 16500 SP from the March month expiry was the most active call with an addition of 2,924 units open interests. Among Nifty puts, 15800 SP from the March month expiry was the most active put with an addition of 2,477 units open interests. The maximum OI outstanding for Calls was at 17000 SP (42,555 units) and that for Puts was at 16000 SP (75,984 units). The respective Support and Resistance levels of Nifty are: Resistance 16,137.65 -- Pivot Point 15,904.55 -- Support -- 15,780.35.
The Nifty Put Call Ratio (PCR) finally stood at (1.40) for March month contract. The top five scrips with highest PCR on Berger Paints (0.97), REC (0.88). ABB (0.83), Coal India (0.81) and RBL Bank (0.81).
Among most active underlying, ICICI Bank witnessed an addition of 11,862 units of Open Interest in the March month futures contract, Tata Motors witnessed an addition of 1,617 units of Open Interest in the March month futures contract, Reliance Industries witnessed an addition of 7,322 units of Open Interest in the March month futures contract, HDFC Bank witnessed an addition of 4,991 units of Open Interest in the March month futures contract and Infosys witnessed an addition of 2,054 units of Open Interest in the March month futures contract (Provisional).
