Nifty ended Monday’s session in red territory. Market started day on somber note, as India's crude oil import bill nearly doubled to $119 billion in the fiscal year that ended on March 31, as energy prices soared globally following the return of demand and war in Ukraine. Further, market continued its weak trade, as fears of an aggressive rate hike by the US Fed continue to dent investor sentiments with foreign investors pulling out nearly Rs 12,300 crore from the Indian equity market so far this month. Also, a private report cut India's 2022-23 economic growth forecast by 70 basis points to 7 percent, citing slowing global growth due to high commodity prices, and weak local demand because of energy price hikes, inflationary pressures and a struggling labour market. Index extended downside till the end, as the Centre for Monitoring of Indian Economy stated that India’s labour force fell by 38 lakhs in the month of March to the lowest level in the last eight months, comprising a decline in the count of both employed and unemployed. Finally, nifty closed the session with cut of above a percent.
Most of the sectoral indices ended in red except Bank. The top gainers from the F&O segment were Aditya Birla Capital, Intellect Design Arena and Bajaj Auto. On the other hand, the top losers were Balrampur Chini Mills, Coal India and Tata Communications. In the index option segment, maximum OI continues to be seen in the 17750 -18150 calls and 15900 -16150 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility increased by 15.82% and reached 21.26. The 50 share Nifty down by 218.00 points or 1.27% to settle at 16,953.95.
Nifty April 2022 futures closed at 16981.90 (LTP) on Monday, at a premium of 27.95 points over spot closing of 16953.95, while Nifty May 2022 futures ended at 17016.00 (LTP), at a premium of 62.05 points over spot closing. Nifty April futures saw a contraction of 0.01 million (mn) units, taking the total outstanding open interest (OI) to 1,86,358 mn 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 1.00 points at 1370.95 (LTP) compared with spot closing of 1369.95. The numbers of contracts traded were 64,397 (Provisional).
Reliance Industries April 2022 futures traded at a discount of 2.70 points at 2693.30 (LTP) compared with spot closing of 2696.00. The numbers of contracts traded were 54,509 (Provisional).
ICICI Bank April 2022 futures traded at a premium of 1.75 points at 756.70 (LTP) compared with spot closing of 754.95. The numbers of contracts traded were 42,300 (Provisional).
Infosys April 2022 futures traded at a premium of 3.00 points at 1567.90 (LTP) compared with spot closing of 1564.90. The numbers of contracts traded were 37,359 (Provisional).
Tata Steel April 2022 futures traded at a discount of 0.65 points at 1222.35 (LTP) compared with spot closing of 1223.00. The numbers of contracts traded were 29,242 (Provisional).
Among, Nifty calls, 17000 SP from the April month expiry was the most active call with an addition of 78,979 units open interests. Among Nifty puts, 16900 SP from the April month expiry was the most active put with an addition of 37,832 units open interests. The maximum OI outstanding for Calls was at 17800 SP (1,66,903 units) and that for Puts was at 16000 SP (1,20,814 units). The respective Support and Resistance levels of Nifty are: Resistance 17,042.60 -- Pivot Point 16,965.65 -- Support -- 16,877.00.
The Nifty Put Call Ratio (PCR) finally stood at (0.65) for April month contract. The top five scrips with highest PCR on Adani Enterprises (1.07), Biocon (1.03), ACC (0.93), Havells (0.81) and BEL (0.78).
Among most active underlying, HDFC Bank witnessed a contraction of 5,807 units of Open Interest in the April month futures contract, ICICI Bank witnessed a contraction of 2,222 units of Open Interest in the April month futures contract, Reliance Industries witnessed an addition of 5,603 units of Open Interest in the April month futures contract, Adani Ports witnessed an addition of 716 units of Open Interest in the April month futures contract and Adani Enterprises witnessed an addition of 2,510 units of Open Interest in the April month futures contract.
