Continuing its upward journey for the sixth consecutive session, S&P CNX Nifty ended Tuesday’s session with gain of above half a percent. Market made positive start, as the commerce ministry in its latest data has said that India’s merchandise exports rose 2.14 per cent to $36.27 billion in July 2022 as compared to $35.51 billion in July 2021. Merchandise imports in July 2022 were $66.27 billion, which is an increase of 43.61 per cent over imports of $46.15 billion in July 2021. Further, index continued its firm trade with a private report stating that during the April-July period, the central government achieved more than a third of the direct tax collection for this financial year as personal tax collection exceeded corporation tax mop-up amid tightened enforcement and compliance measures. Overall direct tax collections, net of refunds, including corporation and personal income tax, grew by 40 per cent in the first four months of FY23 to Rs 5 trillion, which is nearly 35 per cent of the target of Rs 14.2 trillion for the whole fiscal year. Market sustained its gains till the end after India’s inflation based on wholesale price index (WPI) eased to 13.93% in the month of July 2022 as against 15.18% in June, as prices of food articles, nonfood articles and crude petroleum & natural gas declined. Finally, Nifty closed the day’s trade above 17800 mark.
Most the sectoral indices ended in green except Media and PSU Bank. The top gainers from the F&O segment were HDFC AMC, Escorts and Honeywell Automation India. On the other hand, the top losers were Metropolis Healthcare, Manappuram Finance and Muthoot Finance. In the index option segment, maximum OI continues to be seen in the 17900 -18200 calls and 17400 -17650 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility increased by 0.44% and reached 17.69. The 50 share Nifty up by 127.10 points or 0.72% to settle at 17,825.25.
Nifty August 2022 futures closed at 17859.30 (LTP) on Tuesday, at a premium of 34.05 points over spot closing of 17825.25, while Nifty September 2022 futures ended at 17931.05 (LTP), at a premium of 105.80 points over spot closing. Nifty August futures saw an addition of 9,904 units, taking the total open interest (contracts) to 2,22,678 units. The near month derivatives contract will expire on August 25, 2022 (Provisional).
From the most active contracts, Muthoot Finance August 2022 futures traded at a premium of 1.45 points at 1044.45 (LTP) compared with spot closing of 1043.00. The numbers of contracts traded were 25,608 (Provisional).
HDFC AMC August 2022 futures traded at a premium of 7.00 points at 2191.55 (LTP) compared with spot closing of 2184.55. The numbers of contracts traded were 24,864 (Provisional).
Reliance Industries August 2022 futures traded at a discount of 4.00 points at 2652.00 (LTP) compared with spot closing of 2656.00. The numbers of contracts traded were 22,832 (Provisional).
Tata Motors August 2022 futures traded at a premium of 2.35 points at 492.85 (LTP) compared with spot closing of 490.50. The numbers of contracts traded were 21,432 (Provisional).
Ambuja Cements August 2022 futures traded at a premium of 1.50 points at 399.30 (LTP) compared with spot closing of 397.80. The numbers of contracts traded were 19,285 (Provisional).
Among, Nifty calls, 18000 SP from the August month expiry was the most active call with an addition of 987 units open interests. Among Nifty puts, 17800 SP from the August month expiry was the most active put with an addition of 21,901 units open interests. The maximum OI outstanding for Calls was at 18000 SP (52,612 units) and that for Puts was at 17500 SP (60,441 units). The respective Support and Resistance levels of Nifty are: Resistance 17,854.88 -- Pivot Point 17,809.47 -- Support -- 17,779.83.
The Nifty Put Call Ratio (PCR) finally stood at (1.37) for August month contract. The top five scrips with highest PCR on Lupin (1.52), Asian Paints (1.39), ICICI Bank (1.38), Eicher Motors (1.26) and Adani Enterprises (1.13).
Among most active underlying, Adani Enterprises witnessed a contraction of 479 units of Open Interest in the August month futures, ICICI Bank witnessed an addition of 3,760 units of Open Interest in the August month futures, HDFC AMC witnessed an addition of 308 units of Open Interest in the August month futures, Maruti Suzuki witnessed an addition of 2,658 units of Open Interest in the August month futures and Reliance Industries witnessed an addition of 402 units of Open Interest in the August month futures (Provisional).
