S&P CNX - Nifty -- ended higher for third straight day on Tuesday. India VIX was up by 0.24%. Market made a negative start with private report stating that American brokerage has cut its FY23 real GDP expansion estimate for India by 0.40 per cent to 7.2 per cent on slower global growth. It said the GDP growth will slow down to 6.4 per cent in FY24, adding that this is lower by 0.30 per cent compared to the earlier estimate. However, further index wiped out its losses to trade above neutral line with Minister of State for Finance Pankaj Chaudhary’s statement that the government has taken several supply-side measures to tame rising inflation. Chaudhary stated the price situation of major essential commodities is monitored by the government on a regular basis and corrective action is taken from time to time. Market turned volatile but spent most of its time in green zone, as Minister of State for Finance Bhagwat Karad stated that concrete steps taken by the government and RBI helped banks recover bad loans worth over Rs 8.6 lakh crore in the last eight financial years. In last lag of trade, market added more point to touch intraday high point and closed the day’s trade above 16300 mark.
Most of the sectoral indices ended in green except Media, Pharma and Oil&Gas. The top gainers from the F&O segment were RBL Bank, Escorts and Polycab India. On the other hand, the top losers were GAIL, MFSL and ONGC. In the index option segment, maximum OI continues to be seen in the 16950 -17200 calls and 15900 -16200 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility increased by 0.24% and reached 17.20. The 50 share Nifty up by 62.05 points or 0.38% to settle at 16,340.55.
Nifty July 2022 futures closed at 16338.00 (LTP) on Tuesday, at a discount of 2.55 points over spot closing of 16340.55, while Nifty August 2022 futures ended at 16353.70 (LTP), at a premium of 13.15 points over spot closing. Nifty July futures saw an addition of 6,671 units, taking the total open interest (Contracts) to 2,25,121 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 4.00 points at 2437.00 (LTP) compared with spot closing of 2433.00. The numbers of contracts traded were 43,381 (Provisional).
Infosys July 2022 futures traded at a premium of 1.15 points at 1484.95 (LTP) compared with spot closing of 1483.80. The numbers of contracts traded were 23,009 (Provisional).
Axis Bank July 2022 futures traded at a premium of 1.25 points at 701.00 (LTP) compared with spot closing of 699.75. The numbers of contracts traded were 22,832 (Provisional).
Tata Steel July 2022 futures traded at a discount of 0.05 points at 919.95 (LTP) compared with spot closing of 920.00. The numbers of contracts traded were 22,120 (Provisional).
HDFC Bank July 2022 futures traded at a premium of 5.00 points at 1353.20 (LTP) compared with spot closing of 1348.20. The numbers of contracts traded were 21,923 (Provisional).
Among, Nifty calls, 16500 SP from the July month expiry was the most active call with an addition of 4,976 units open interests. Among Nifty puts, 16200 SP from the July month expiry was the most active put with an addition of 7,514 units open interests. The maximum OI outstanding for Calls was at 17000 SP (58,379 units) and that for Puts was at 16000 SP (65,894 units). The respective Support and Resistance levels of Nifty are: Resistance 16,404.35 -- Pivot Point 16,295.70 -- Support -- 16,231.90.
The Nifty Put Call Ratio (PCR) finally stood at (1.20) for July month contract. The top five scrips with highest PCR on ACC (1.65), Titan company (1.26), RBL Bank (1.22), Bajaj Finserv (1.18) and Cholamandalam Investment and Fin Co (1.18).
Among most active underlying, Reliance Industries witnessed an addition of 2,908 units of Open Interest in the July month futures, ICICI Bank witnessed an addition of 2,803 units of Open Interest in the July month futures, Axis Bank witnessed an addition of 2,759 units of Open Interest in the July month futures and HDFC Bank witnessed an addition of 3,293 units of Open Interest in the July month futures.
