Nifty continued its bull run on last trading day of week, as investors took cues from a rally in global markets after the US Federal Reserve hiked its interest rates. The Federal Reserve raised interest rates by a quarter percentage point and signaled hikes at all six remaining meetings this year. Except Nifty IT all the sectoral indices ended in green. Market made positive start, as the income tax department said income tax refunds worth over Rs 1.92 lakh crore have been issued to more than 2.24 crore taxpayers so far this fiscal. Further, index extended its gains with Minister of State for Commerce and Industry Anupriya Patel’s statement that the bilateral trade in goods is projected to increase from the current $60 billion to $100 billion annually within five years of the implementation of the India-UAE free trade agreement. Index continued the gaining momentum till the end. Some support came with a private report stating that private equity and venture capital investments for the month of February 2022 were about $5.8 billion, 2.3 times the value recorded in February 2021 ($2.5 billion) and 24 per cent higher than investments in January 2022 ($4.6 billion). Finally, Nifty finished the day’s trade above 17250 mark.
All the sectoral indices ended in green except IT. The top gainers from the F&O segment were Gujarat Narmada Valley Fertlzrs&Chms, Trent and L&TFH. On the other hand, the top losers were Honeywell Automation India, Atul and ABB India. In the index option segment, maximum OI continues to be seen in the 17900 -18150 calls and 16400 -16600 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 6.25% and reached 22.61. The 50 share Nifty up by 311.70 points or 1.84% to settle at 17,287.05.
Nifty March 2022 futures closed at 17325.05 (LTP) on Thursday, at a premium of 38.00 points over spot closing of 17287.05, while Nifty April 2022 futures ended at 17374.15 (LTP), at a premium of 87.10 points over spot closing. Nifty March futures saw an addition of 1,893 units, taking the total outstanding open interest (OI) to 2,23,890 units. The near month derivatives contract will expire on March 31, 2022 (Provisional).
From the most active contracts, Reliance Industries March 2022 futures traded at a premium of 3.25 points at 2490.75 (LTP) compared with spot closing of 2487.50. The numbers of contracts traded were 48,486 (Provisional).
Infosys March 2022 futures traded at a premium of 7.85 points at 1877.45 (LTP) compared with spot closing of 1869.60. The numbers of contracts traded were 44,942 (Provisional).
Tata Steel March 2022 futures traded at a premium of 2.55 points at 1302.60 (LTP) compared with spot closing of 1300.05. The numbers of contracts traded were 27,737 (Provisional).
HDFC March 2022 futures traded at a premium of 6.60 points at 2421.60 (LTP) compared with spot closing of 2415.00. The numbers of contracts traded were 22,741 (Provisional).
HDFC Bank March 2022 futures traded at a discount of 4.30 points at 1473.65 (LTP) compared with spot closing of 1477.95. The numbers of contracts traded were 20,843 (Provisional).
Among, Nifty calls, 17500 SP from the March month expiry was the most active call with an addition of 32 units open interests. Among Nifty puts, 17000 SP from the March month expiry was the most active put with an addition of 23,065 units open interests. The maximum OI outstanding for Calls was at 18000 SP (49,318 units) and that for Puts was at 16500 SP (83,452 units). The respective Support and Resistance levels of Nifty are: Resistance 17,362.52 -- Pivot Point 17,269.13 -- Support -- 17,193.67.
The Nifty Put Call Ratio (PCR) finally stood at (1.49) for March month contract. The top five scrips with highest PCR on Jindal Steel & Power (1.01), Balkrishna Industries (0.97), Adani Enterprises (0.96), Piramal Enterprises (0.92) and United Spirits (0.88).
Among most active underlying, Reliance Industries witnessed an addition of 1,520 units of Open Interest in the March month futures contract, Infosys witnessed an addition of 9,338 units of Open Interest in the March month futures contract, ICICI Bank witnessed a contraction of 254 units of Open Interest in the March month futures contract, HDFC Bank witnessed a contraction of 2,005 units of Open Interest in the March month futures contract and HDFC witnessed an addition of 114 units of Open Interest in the March month futures contract (Provisional).
