S&P CNX -- Nifty exhibited good performance on Thursday by surpassing its psychological level of 16,100. Market made optimistic start, as Reserve Bank of India (RBI) announced a series of measures to attract foreign flows in a bid to protect the local currency amid depleting foreign exchange reserves. India’s foreign exchange reserves have depleted by $38 billion to below $600 billion since the Russian invasion of Ukraine late February. Further, index continued its positive trade after the principal economic advisor with the Department for Promotion of Industry and Internal Trade, Rupa Dutta, said that the government is working on to reduce compliance issues with a focus on ease of doing business and has introduced the Insolvency and Bankruptcy Code (IBC) keeping that in mind. Market maintained its gains till the end and closed the day’s trade with the gain of above half a percent as traders found support after Finance ministry released the fourth instalment of revenue deficit grant of Rs 7,183 crore to 14 states for the current fiscal.
Most of the sectoral indices ended in green except FMCG. The top gainers from the F&O segment were NBCC, Canara Bank and Hindalco Industries. On the other hand, the top losers were Dr. Lal PathLabs, Metropolis Healthcare and Godrej Consumer Products. In the index option segment, maximum OI continues to be seen in the 16300 -16700 calls and 14950 -15200 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 5.25% and reached 19.20. The 50 share Nifty up by 143.10 points or 0.89% to settle at 16,132.90.
Nifty July 2022 futures closed at 16161.00 (LTP) on Thursday, at a premium of 28.10 points over spot closing of 16132.90, while Nifty August 2022 futures ended at 16181.00 (LTP), at a premium of 48.10 points over spot closing. Nifty July futures saw a contraction of 3,276 units, taking the total open interest (OI) to 2,46,402 units. The near month derivatives contract will expire on July 28, 2022 (Provisional).
From the most active contracts, Reliance Industries July 2022 futures traded at a premium of 8.00 points at 2399.00 (LTP) compared with spot closing of 2391.00. The numbers of contracts traded were 44,853 (Provisional).
Tata Steel July 2022 futures traded at a premium of 3.20 points at 909.70 (LTP) compared with spot closing of 906.50. The numbers of contracts traded were 38,970 (Provisional).
HDFC Bank July 2022 futures traded at a premium of 2.15 points at 1397.15 (LTP) compared with spot closing of 1395.00. The numbers of contracts traded were 24,688 (Provisional).
Tata Motors July 2022 futures traded at a premium of 1.55 points at 433.30 (LTP) compared with spot closing of 431.75. The numbers of contracts traded were 20,497 (Provisional).
Infosys July 2022 futures traded at a premium of 7.15 points at 1505.00 (LTP) compared with spot closing of 1497.85. The numbers of contracts traded were 20,339 (Provisional).
Among, Nifty calls, 17000 SP from the June month expiry was the most active call with an addition of 523 units open interests. Among Nifty puts, 16100 SP from the June month expiry was the most active put with an addition of 10,743 units open interests. The maximum OI outstanding for Calls was at 16500 SP (48,941 units) and that for Puts was at 15000 SP (71,553 units). The respective Support and Resistance levels of Nifty are: Resistance 16,173.62 -- Pivot Point 16,109.78 -- Support -- 16,069.07.
The Nifty Put Call Ratio (PCR) finally stood at (1.28) for June month contract. The top five scrips with highest PCR on ACC (1.52), RBL Bank (1.23), Kotak Mahindra Bank (1.19), Canara Bank (1.14) and Bajaj Finserv (0.99).
Among most active underlying, Reliance Industries witnessed an addition of 9,763 units of Open Interest in the June month futures, HDFC Bank witnessed an addition of 3,155 units of Open Interest in the June month futures, ICICI Bank witnessed an addition of 1,731 units of Open Interest in the June month futures contract, Tata Steel witnessed an addition of 4,631 units of Open Interest in the June month futures contract and Titan Company witnessed an addition of 224 units of Open Interest in the June month futures contract (Provisional).
