After making cautious start, Nifty closed the weekly F&O expiry day with the gain of above half a percent. India VIX was up by 0.20%. Market started day on cautious note and soon added points to trade with marginal gains, as Foreign Institutional Investors (FII) remained net buyers for the third day straight on Dalal Street on Wednesday. FIIs pumped in Rs 1,780 crore into domestic stocks. Further, market enlarged its gains with former Niti Aayog Vice Chairman Arvind Panagariya’s statement that Indian economy, which has grown fairly rapidly in the last 17 years, will grow at 7-8 per cent in the next couple of decades.
Market maintained gains above neutral line, as the labor ministry indicated that retirement fund body EPFO added 16.82 lakh, new subscribers, in May 2022, nearly 83 percent more than 9.2 lakh enrolled in the year-ago month. In last leg of trade, index touched intraday high point, as Chief Economic Advisor (CEA) V Anantha Nageswaran said that the depreciation of the rupee against the US dollar has been lower than other major global currencies such as the Euro, the British pound and the Japanese yen. He attributed depreciation in rupee and other currencies against the US dollar to the aggressive monetary tightening by the US Federal Reserve. Finally, Nifty closed the day’s trade above 16600 mark.
Most of the sectoral indices ended in green except Pharma and Healthcare. The top gainers from the F&O segment were Tata Communication, Indusind Bank and Deepak Nitrite. On the other hand, the top losers were Voltas, Dr Reddy and Crompton Greaves Consumer Electricls. In the index option segment, maximum OI continues to be seen in the 16950 -17200 calls and 16350 -16600 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility increased by 0.20% and reached 16.86. The 50 share Nifty up by 84.40 points or 0.51% to settle at 16,605.25.
Nifty July 2022 futures closed at 16616.45 (LTP) on Thursday, at a premium of 11.20 points over spot closing of 16605.25, while Nifty August 2022 futures ended at 16626.10 (LTP), at a premium of 20.85 points over spot closing. Nifty July futures saw an addition of 19,354 units, taking the total open interest (contracts) to 2,07,358 units. The near month derivatives contract will expire on July 28, 2022 (Provisional).
From the most active contracts, Wipro July 2022 futures traded at a premium of 1.05 points at 414.40 (LTP) compared with spot closing of 413.35. The numbers of contracts traded were 41,464 (Provisional).
Infosys July 2022 futures traded at a discount of 2.00 points at 1530.00 (LTP) compared with spot closing of 1532.00. The numbers of contracts traded were 41,012 (Provisional).
Reliance Industries July 2022 futures traded at a premium of 4.00 points at 2490.00 (LTP) compared with spot closing of 2486.00. The numbers of contracts traded were 32,068 (Provisional).
Indusind Bank July 2022 futures traded at a premium of 0.30 points at 950.80 (LTP) compared with spot closing of 950.50. The numbers of contracts traded were 31,710 (Provisional).
TCS July 2022 futures traded at a discount of 2.45 points at 3176.50 (LTP) compared with spot closing of 3178.95. The numbers of contracts traded were 22,601 (Provisional).
Among, Nifty calls, 16700 SP from the July month expiry was the most active call with an addition of 7,758 units open interests. Among Nifty puts, 16500 SP from the July month expiry was the most active put with an addition of 53,970 units open interests. The maximum OI outstanding for Calls was at 17000 SP (89,109 units) and that for Puts was at 16500 SP (94,322 units). The respective Support and Resistance levels of Nifty are: Resistance 16,660.17 -- Pivot Point 16,572.03 -- Support -- 16,517.12.
The Nifty Put Call Ratio (PCR) finally stood at (1.33) for July month contract. The top five scrips with highest PCR on ACC (1.61), LTI (1.54), Titan Company (1.43), Mindtree (1.37) and Bajaj Finserv (1.36).
Among most active underlying, Indusind Bank witnessed an addition of 3,051 units of Open Interest in the July month futures, Reliance Industries witnessed an addition of 3,418 units of Open Interest in the July month futures, Infosys witnessed an addition of 14,002 units of Open Interest in the July month futures, Wipro witnessed a contraction of 1,256 units of Open Interest in the July month futures and HDFC Bank witnessed an addition of 2,791 units of Open Interest in the July month futures (Provisional).
