Nifty snapped three day losing streak on last trading of week as Reserve Bank of India (RBI) keeps rates unchanged. Market made slightly positive start, as former RBI Governor Bimal Jalan said the Indian economy is in good shape as the country’s GDP growth rate and foreign exchange reserve are high. Further, market turned volatile, as the finance ministry said the current elevated level of international crude price, should it persist for a long time, may come in the way of India achieving a real economic growth rate of 8%-plus in FY23 and pose upside risks to inflation as well. However, in afternoon trade, index gained a traction with a private report that with the e-way bills generated for inter-state trade in goods under the goods and services tax (GST) regime touching a record in March, the monthly GST collections will likely hit an all-time high of around Rs 1.5 trillion in April (March transactions). Market continued its gaining momentum till the end and finished the session with the gains of above half a percent.
Most of the sectoral indices ended in green except IT. The top gainers from the F&O segment were Cholamandalam Investment and Fin Co, Syngene International and Grasim Industries. On the other hand, the top losers were Trent, RBL Bank 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 6.89% and reached 17.69. The 50 share Nifty up by 144.80 points or 0.82% to settle at 17,784.35.
Nifty April 2022 futures closed at 17894.95 (LTP) on Friday, at a premium of 110.60 points over spot closing of 17784.35, while Nifty May 2022 futures ended at 17941.00 (LTP), at a premium of 156.65 points over spot closing. Nifty April futures saw an addition of 3,043 units, taking the total open interest (contracts) to 1,99,579 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 10.50 points at 1527.05 (LTP) compared with spot closing of 1516.55. The numbers of contracts traded were 44,888 (Provisional).
Reliance Industries April 2022 futures traded at a premium of 12.25 points at 2630.20 (LTP) compared with spot closing of 2617.95. The numbers of contracts traded were 34,382 (Provisional).
RBL Bank April 2022 futures traded at a premium of 0.10 points at 128.20 (LTP) compared with spot closing of 128.10. The numbers of contracts traded were 25,404 (Provisional).
Infosys April 2022 futures traded at a premium of 5.60 points at 1825.65 (LTP) compared with spot closing of 1820.05. The numbers of contracts traded were 24,892 (Provisional).
ITC April 2022 futures traded at a premium of 0.95 points at 269.70 (LTP) compared with spot closing of 268.75. The numbers of contracts traded were 22,957 (Provisional).
Among, Nifty calls, 18000 SP from the April month expiry was the most active call with a contraction of 1,302 units open interests. Among Nifty puts, 17700 SP from the April month expiry was the most active put with an addition of 677 units open interests. The maximum OI outstanding for Calls was at 18000 SP (44,443 units) and that for Puts was at 17500 SP (58,246 units). The respective Support and Resistance levels of Nifty are: Resistance 17,884.55 -- Pivot Point 17,742.55 -- Support -- 17,642.35.
The Nifty Put Call Ratio (PCR) finally stood at (1.45) for April month contract. The top five scrips with highest PCR on Power Grid (1.00), Adani Enterprises (0.92), Asian Paints (0.85), Ashok Leyland (0.84) and AU Small Finance Bank (0.82).
Among most active underlying, HDFC Bank witnessed an addition of 11,217 units of Open Interest in the April month futures contract, Reliance Industries witnessed an addition of 5,587 units of Open Interest in the April month futures contract, ITC witnessed an addition of 2,127 units of Open Interest in the April month futures contract, ICICI Bank witnessed an addition of 907 units of Open Interest in the April month futures contract and Tata Power witnessed an addition of 451 units of Open Interest in the April month futures contract (Provisional).
