Nifty finished Monday’s trade near intraday low point on the back of persistent selling pressure in IT shares and negative global cues. Market made negative start, as the Reserve Bank data showed that in the steepest weekly fall ever, India's forex reserves slid by $11.173 billion to $606.475 billion as the currency came under pressure due to geopolitical developments. Further, index continued weak trade after Revenue Secretary Tarun Bajaj warned that FY23 was unlikely to see a rate of growth in tax collections similar to that in FY22. Traders overlooked preliminary data of the commerce ministry showed that India’s exports grew by 37.57 per cent to $9.32 billion during April 1-7. In last leg of trade, market added more loses, as private report stating that India's retail inflation likely sped up to a 16-month high of 6.35% in March, well above the Reserve Bank of India's upper tolerance band for a third straight month, in part due to a sustained rise in food prices. Finally, Nifty closed the session with the cut of above half a percent.
Most of the sectoral indices ended in red except Media, Metal and Realty. The top gainers from the F&O segment were Ambuja Cements, SUN TV and Oberoi Realty. On the other hand, the top losers were Gujarat Narmada Valley Fertlzrs&Chms, LTTS and Persistent Systems. 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 increased by 3.29% and reached 18.27. The 50 share Nifty down by 109.40 points or 0.62% to settle at 17,674.95.
Nifty April 2022 futures closed at 17727.90 (LTP) on Monday, at a premium of 52.95 points over spot closing of 17674.95, while Nifty May 2022 futures ended at 17770.50 (LTP), at a premium of 95.55 points over spot closing. Nifty April futures saw a contraction of 5,510 units, taking the total open interest (contracts) to 1,89,162 units. The near month derivatives contract will expire on April 28, 2022 (Provisional).
From the most active contracts, Infosys April 2022 futures traded at a premium of 5.10 points at 1774.90 (LTP) compared with spot closing of 1769.80. The numbers of contracts traded were 38,276 (Provisional).
TCS April 2022 futures traded at a premium of 5.00 points at 3704.00 (LTP) compared with spot closing of 3699.00. The numbers of contracts traded were 28,741 (Provisional).
Reliance Industries April 2022 futures traded at a premium of 8.05 points at 2619.00 (LTP) compared with spot closing of 2610.95. The numbers of contracts traded were 26,917 (Provisional).
Ambuja Cements April 2022 futures traded at a premium of 1.80 points at 366.00 (LTP) compared with spot closing of 364.20. The numbers of contracts traded were 24,677 (Provisional).
HDFC Bank April 2022 futures traded at a premium of 7.60 points at 1503.00 (LTP) compared with spot closing of 1495.40. The numbers of contracts traded were 22,931 (Provisional).
Among, Nifty calls, 18000 SP from the April month expiry was the most active call with an addition of 4,264 units open interests. Among Nifty puts, 17500 SP from the April month expiry was the most active put with an addition of 1,518 units open interests. The maximum OI outstanding for Calls was at 18000 SP (48,430 units) and that for Puts was at 17500 SP (59,431 units). The respective Support and Resistance levels of Nifty are: Resistance 17,752.35 -- Pivot Point 17,701.65 -- Support -- 17,624.25.
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 (0.95), Adani Enterprises (0.94), AU Small Finance Bank (0.89), JSPL (0.86) and Hindustan Petroleum Corporation (0.84).
Among most active underlying, Infosys witnessed an addition of 11,400 units of Open Interest in the April month futures contract, HDFC Bank witnessed an addition of 3,019 units of Open Interest in the April month futures contract, ITC witnessed an addition of 1,263 units of Open Interest in the April month futures contract, Reliance Industries witnessed an addition of 242 units of Open Interest in the April month futures contract and ICICI Bank witnessed an addition of 712 units of Open Interest in the April month futures contract (Provisional).
