Nifty extended its gains on last trading day of week and closed the day’s trade with the gains of over half a percent amid strong global cues. Globally investors took support as a continuous decline in commodities from crude oil, to metals to cotton, helped ease fears around runaway inflation. Index made positive start, as domestic sentiments got a boost with a private report stating that the Indian economy can grow by 7-7.8 per cent this fiscal on the back of better agriculture production and a revitalised rural economy amid global headwinds mainly due to the ongoing Russia-Ukraine war. Further, market continued its firm trade, as India's crude oil imports from Russia have jumped over 50 times since April and now make up for 10 per cent of all crude bought from overseas. Russian oil made up for just 0.2 per cent of all oil imported by India prior to the Ukraine war. Market extended its gaining momentum till the end, as India’s engineering exports stood at $9.79 billion in May 2022, recording a growth of 13.5 percent over the $8.62 billion reported in the same month a year ago, while the country saw its cumulative engineering exports growing by 16.84 percent at $19.39 billion ($16.6 billion) during April-May 2022 period. Finally, Nifty closed the day’s trade above 15650 mark.
Most of the sectoral indices ended in green except IT. The top gainers from the F&O segment were STAR, IDFC and Granules India. On the other hand, the top losers were HPCL, Mintree and Persistent Systems. In the index option segment, maximum OI continues to be seen in the 15900 -16200 calls and 13900 -14200 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 1.58% and reached 20.55. The 50 share Nifty up by 142.60 points or 0.92% to settle at 15,699.25.
Nifty June 2022 futures closed at 15697.90 (LTP) on Friday, at a discount of 1.35 points over spot closing of 15699.25, while Nifty July 2022 futures ended at 15706.45 (LTP), at a premium of 7.20 points over spot closing. Nifty June futures saw an addition of 2,022 units, taking the total open interest (contracts) to 2,03,601 units. The near month derivatives contract will expire on June 30, 2022 (Provisional).
From the most active contracts, Infosys June 2022 futures traded at a premium of 0.80 points at 1442.10 (LTP) compared with spot closing of 1441.30. The numbers of contracts traded were 26,311 (Provisional).
Reliance Industries June 2022 futures traded at a premium of 4.95 points at 2502.50 (LTP) compared with spot closing of 2497.55. The numbers of contracts traded were 23,762 (Provisional).
HDFC Bank June 2022 futures traded at a premium of 2.80 points at 1357.80 (LTP) compared with spot closing of 1355.00. The numbers of contracts traded were 23,011 (Provisional).
Tata Steel June 2022 futures traded at a premium of 3.45 points at 855.25 (LTP) compared with spot closing of 851.80. The numbers of contracts traded were 18,215 (Provisional).
Bajaj Finance June 2022 futures traded at a premium of 18.00 points at 5599.00 (LTP) compared with spot closing of 5581.00. The numbers of contracts traded were 15,057 (Provisional).
Among, Nifty calls, 16000 SP from the June month expiry was the most active call with a contraction of 44,224 units open interests. Among Nifty puts, 15700 SP from the June month expiry was the most active put with an addition of 50,142 units open interests. The maximum OI outstanding for Calls was at 16000 SP (1,57,534 units) and that for Puts was at 14000 SP (1,29,081 units). The respective Support and Resistance levels of Nifty are: Resistance 15,759.18 -- Pivot Point 15,689.32 -- Support -- 15,629.38.
The Nifty Put Call Ratio (PCR) finally stood at (1.00) for June month contract. The top five scrips with highest PCR on Hero Motocorp (1.86), Indus Tower (1.23), Eicher Motors (1.15), Maruti Suzuki (1.10) and REC (1.03).
Among most active underlying, HDFC Bank witnessed an addition of 1,169 units of Open Interest in the June month futures, Reliance Industries witnessed an addition of 1,251 units of Open Interest in the June month futures, Infosys witnessed an addition of 8,146 units of Open Interest in the June month futures, Adani Enterprises witnessed an addition of 1,398 units of Open Interest in the June month futures and Maruti Suzuki witnessed a contraction of 1,135 units of Open Interest in the June month futures contract (Provisional).
