S&P CNX -- Nifty exhibited a smart pull back on Wednesday and closed the day’s trade near intraday high point. Market started day on cautious note and traded in red for little time as International Monetary Fund (IMF) in its World Economic Outlook update July 2022 has cut India's growth rate by 0.8 percentage point to 7.4 per cent for fiscal year 2022, reflecting ‘mainly less favourable external conditions and more rapid policy tightening’. In April, the IMF had projected a ‘fairly robust’ growth of 8.2 per cent for India in 2022.
However, index erased its losses and entered into positive zone, as listing various measures taken by the government to address inflation, Union Minister of State for Finance Pankaj Chaudhary has said that 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 continued its firm trade till the end, supported with Minister of State for Finance Bhagwad Karad’s statement that the amount involved in fraud cases reported by public sector banks (PSBs) has come down to Rs 3,204 crore in the last fiscal from Rs 28,884 crore in 2017-18.
All the sectoral indices ended in green. The top gainers from the F&O segment were Laurus Labs, Coromandel International and Gujarat Narmada Valley Fertlzrs&Chms. On the other hand, the top losers were Tata Power, Mahindra & Mahindra Fin. Services and United Spirits. In the index option segment, maximum OI continues to be seen in the 16950 -17200 calls and 15950 -16150 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 0.22% and reached 18.13. The 50 share Nifty up by 157.95 points or 0.96% to settle at 16,641.80.
Nifty July 2022 futures closed at 16660.40 (LTP) on Wednesday, at a premium of 18.60 points over spot closing of 16641.80, while Nifty August 2022 futures ended at 16678.60 (LTP), at a premium of 36.80 points over spot closing. Nifty July futures saw an addition of 7,463 units, taking the total open interest (contracts) to 1,27,038 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 2.10 points at 2424.10 (LTP) compared with spot closing of 2422.00. The numbers of contracts traded were 37,305 (Provisional).
Infosys July 2022 futures traded at a premium of 0.70 points at 1468.90 (LTP) compared with spot closing of 1468.20. The numbers of contracts traded were 35,519 (Provisional).
HDFC Bank July 2022 futures traded at a premium of 0.70 points at 1405.10 (LTP) compared with spot closing of 1404.40. The numbers of contracts traded were 24,901 (Provisional).
Maruti Suzuki July 2022 futures traded at a premium of 18.00 points at 8668.00 (LTP) compared with spot closing of 8650.00. The numbers of contracts traded were 23,178 (Provisional).
Bajaj Finance July 2022 futures traded at a premium of 1.70 points at 6409.70 (LTP) compared with spot closing of 6408.00. The numbers of contracts traded were 20,714 (Provisional).
Among, Nifty calls, 16700 SP from the July month expiry was the most active call with a contraction of 32,000 units open interests. Among Nifty puts, 16500 SP from the July month expiry was the most active put with an addition of 75,727 units open interests. The maximum OI outstanding for Calls was at 17000 SP (2,27,228 units) and that for Puts was at 16000 SP (2,00,958 units). The respective Support and Resistance levels of Nifty are: Resistance 16,717.25 -- Pivot Point 16,578.00 -- Support -- 16,502.55.
The Nifty Put Call Ratio (PCR) finally stood at (1.18) for July month contract. The top five scrips with highest PCR on Asian Paints (1.69), ACC (1.62), Indusind Bank (1.54), Bank of Baroda (1.47) and Grasim Industries (1.44).
Among most active underlying, Reliance Industries witnessed an addition of 5,444 units of Open Interest in the July month futures, Maruti Suzuki witnessed an addition of 2,451 units of Open Interest in the July month futures, HDFC Bank witnessed an addition of 2,452 units of Open Interest in the July month futures, ICICI Bank witnessed an addition of 1,286 units of Open Interest in the July month futures and Adani Enterprises witnessed an addition of 197 units of Open Interest in the July month futures (Provisional).
