Nifty ends near day’s low point on Thursday

Nifty finished day’s trade near day’s low point on Thursday tracking weak global markets. Besides, outcome of the RBI's first policy review of FY23 is due on Friday. Market started day on somber note amid a private report stating that India’s central bank will likely raise its inflation outlook this week to reflect costlier oil, but leave borrowing costs steady and tap other policy tools it’s used before to support an economy facing new risks to recovery. Index continued its weak trade after Union Road Transport and Highways Secretary Giridhar Aramane said that India's national highway construction slowed to 28.64 km a day in 2021-22 due to COVID-19 pandemic related disruptions and a longer-than-usual monsoon in some parts of the country. But, late afternoon session, market added more losses to touch intraday low point, as private report stated that India’s central bank will likely raise its inflation outlook this week to reflect costlier oil, but leave borrowing costs steady and tap other policy tools it’s used before to support an economy facing new risks to recovery. Finally, Nifty ended the session below 17650 mark. 

Most of the sectoral indices ended in red except Pharma, Realty and Healthcare Index. The top gainers from the F&O segment were BEL, Tata Communications and Dr. Lal PathLabs. On the other hand, the top losers were Tata Power, IDFC and Escorts. In the index option segment, maximum OI continues to be seen in the 17800 -18150 calls and 17400 -17600 puts indicating this is the trading range expectation.

India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 0.13% and reached 19.00. The 50 share Nifty down by 168.10 points or 0.94% to settle at 17,639.55.

Nifty April 2022 futures closed at 17742.00 (LTP) on Thursday, at a premium of 102.45 points over spot closing of 17639.55, while Nifty May 2022 futures ended at 17784.95 (LTP), at a premium of 145.40 points over spot closing. Nifty April futures saw an addition of 7,011 units, taking the total open interest (Contracts) to 2,09,828 units. The near month derivatives contract will expire on April 28, 2022 (Provisional).

From the most active contracts, HDFC Bank April 2022 futures traded at a premium of 8.10 points at 1529.10 (LTP) compared with spot closing of 1521.00. The numbers of contracts traded were 41,645 (Provisional).

Reliance Industries April 2022 futures traded at a premium of 14.40 points at 2586.60 (LTP) compared with spot closing of 2572.20. The numbers of contracts traded were 29,766 (Provisional).

Infosys April 2022 futures traded at a premium of 9.00 points at 1825.00 (LTP) compared with spot closing of 1816.00. The numbers of contracts traded were 27,687 (Provisional).

ZEEL April 2022 futures traded at a premium of 1.60 points at 286.80 (LTP) compared with spot closing of 285.20. The numbers of contracts traded were 25,783 (Provisional).

HDFC April 2022 futures traded at a premium of 14.00 points at 2480.00 (LTP) compared with spot closing of 2466.00. The numbers of contracts traded were 23,163 (Provisional).

Among, Nifty calls, 17800 SP from the April month expiry was the most active call with an addition of 8,001 units open interests. Among Nifty puts, 17500 SP from the April month expiry was the most active put with a contarction of 725 units open interests. The maximum OI outstanding for Calls was at 18000 SP (45,599 units) and that for Puts was at 17500 SP (57,089 units). The respective Support and Resistance levels of Nifty are: Resistance 17,743.47 -- Pivot Point 17,683.58 -- Support -- 17,579.67.

The Nifty Put Call Ratio (PCR) finally stood at (1.43) for April month contract. The top five scrips with highest PCR on Power Grid (1.01), AU Small Finance Bank (0.86), Nestle India (0.82), Adani Enterprises (0.82) and Axis Bank (0.79).

Among most active underlying, Tata Power witnessed an addition of 432 units of Open Interest in the April month futures contract, HDFC Bank witnessed an addition of 10,946 units of Open Interest in the April month futures contract, ZEEL witnessed an addition of 7,691 units of Open Interest in the April month futures contract, ICICI Bank witnessed an addition of 401 units of Open Interest in the April month futures contract and Reliance Industries witnessed an addition of 7,448 units of Open Interest in the April month futures contract (Provisional).