S&P CNX -- Nifty snapped losing streak on Wednesday and finished the session with the gains of above a percent. Market made positive start, as describing the Indian economy's recovery from the COVID-19 pandemic as distinct and pronounced, Finance Minister Nirmala Sitharaman exuded confidence about India posting robust economic growth this decade. Separately, she said the US-India relationship is at its best and will strengthen the global order in these challenging times. Further, index extended its gains even after International Monetary Fund’s (IMF) report in which it has slashed its gross domestic product (GDP) growth forecast of India to 8.2 per cent for fiscal year 2022-23 (FY23) from 9 per cent forecasted earlier. It said that higher commodity prices will weigh on private consumption and investment. This was one of the steepest cuts for emerging economies compared to the IMF’s January WEO forecasts. Market continued its firm trade till the end, as India is planning to set up “digital only” banks and non-banking financial companies (NBFCs) to ensure that business continuity in the lending system is not affected even in exceptional times. Finally, Nifty finished the day’s trade above 17100 mark.
Most of the sectoral indices ended in red except Oil and Gas. The top gainers from the F&O segment were ACC, Ambuja Cements and Biocon. On the other hand, the top losers were Cholamandalam Investment and Fin Co, Persistent Systems and LTI. In the index option segment, maximum OI continues to be seen in the 17800 -18150 calls and 16900 -17100 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 5.57% and reached 18.67. The 50 share Nifty up by 177.90 points or 1.05% to settle at 17,136.55.
Nifty April 2022 futures closed at 17172.85 (LTP) on Wednesday, at a premium of 36.30 points over spot closing of 17136.55, while Nifty May 2022 futures ended at 17215.00 (LTP), at a premium of 78.45 points over spot closing. Nifty April futures saw a contraction of 11,173 units, taking the total open interest (contracts) to 1,82,041 units. The near month derivatives contract will expire on April 28, 2022 (Provisional).
From the most active contracts, Reliance Industries April 2022 futures traded at a premium of 5.70 points at 2723.20 (LTP) compared with spot closing of 2717.50. The numbers of contracts traded were 62,157 (Provisional).
HDFC Bank April 2022 futures traded at a premium of 6.85 points at 1362.85 (LTP) compared with spot closing of 1356.00. The numbers of contracts traded were 49,591 (Provisional).
Infosys April 2022 futures traded at a discount of 0.25 points at 1591.95 (LTP) compared with spot closing of 1592.20. The numbers of contracts traded were 40,605 (Provisional).
HDFC April 2022 futures traded at a premium of 4.00 points at 2189.00 (LTP) compared with spot closing of 2185.00. The numbers of contracts traded were 27,511 (Provisional).
TCS April 2022 futures traded at a premium of 1.70 points at 3559.70 (LTP) compared with spot closing of 3558.00. The numbers of contracts traded were 19,560 (Provisional).
Among, Nifty calls, 17200 SP from the April month expiry was the most active call with an addition of 10,699 units open interests. Among Nifty puts, 17000 SP from the April month expiry was the most active put with an addition of 12,472 units open interests. The maximum OI outstanding for Calls was at 18000 SP (61,775 units) and that for Puts was at 17000 SP (72,460 units). The respective Support and Resistance levels of Nifty are: Resistance 17,222.65 -- Pivot Point 17,100.80 -- Support -- 17,014.70.
The Nifty Put Call Ratio (PCR) finally stood at (1.01) for April month contract. The top five scrips with highest PCR on Adani Enterprises (0.97), Bharat Electronics (0.82), HPCL (0.79), Apollo Tyre (0.79) and ACC (0.78).
Among most active underlying, Reliance Industries witnessed an addition of 3,613 units of Open Interest in the April month futures contract, HDFC Bank witnessed an addition of 5,134 units of Open Interest in the April month futures contract, ICICI Bank witnessed an addition of 1,775 units of Open Interest in the April month futures contract, Infosys witnessed an addition of 9,606 units of Open Interest in the April month futures contract and HDFC witnessed a contraction of 225 units of Open Interest in the April month futures contract (Provisional).
