Nifty ends higher for 7th consecutive session

CNX S&P – Nifty continued its northward journey for 7th consecutive session. India VIX was marginally down by 0.04%. Market made positive start, as Moody's Analytics in a recent report on the Asia Pacific (APAC) region said global oil prices are expected to fall to almost $70 per barrel by the end of 2024. Further, index continued its firm trade, as State Bank of India's (SBI) Chairman Dinesh Khara said that things might get better on the inflation front towards the end of September. He said the supply side constraints getting addressed and crude oil prices trending low will help ease the situation. In afternoon trade, market added more points to trade higher till the end, as UK India Business Council sees opportunities for trade, investment, and collaboration with India across financial technology (fintech), food and beverage, electric vehicle (EV), and other sectors. Finally, Nifty closed the day’s trade above 17900 mark.

Most the sectoral indices ended in green except Auto. The top gainers from the F&O segment were ZEEL, Bajaj Finserv and Trent. On the other hand, the top losers were Bharat Forge, PVR and REC. 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 decreased by 0.04% and reached 17.68. The 50 share Nifty up by 119.00 points or 0.67% to settle at 17,944.25.

Nifty August 2022 futures closed at 17965.45 (LTP) on Wednesday, at a premium of 21.20 points over spot closing of 17944.25, while Nifty September 2022 futures ended at 18039.10 (LTP), at a premium of 94.85 points over spot closing. Nifty August futures saw an addition of 9,328 units, taking the total open interest (Contracts) to 2,28,775 units. The near month derivatives contract will expire on August 25, 2022 (Provisional).

From the most active contracts, Bajaj Finance August 2022 futures traded at a premium of 30.00 points at 7540.00 (LTP) compared with spot closing of 7510.00. The numbers of contracts traded were 28,666 (Provisional).

Reliance Industries August 2022 futures traded at a discount of 1.70 points at 2660.00 (LTP) compared with spot closing of 2661.70. The numbers of contracts traded were 22,795 (Provisional).

Bajaj Finserv August 2022 futures traded at a premium of 60.50 points at 16865.50 (LTP) compared with spot closing of 16805.00. The numbers of contracts traded were 19,648 (Provisional).

Infosys August 2022 futures traded at a premium of 3.30 points at 1610.50 (LTP) compared with spot closing of 1607.20. The numbers of contracts traded were 19,125 (Provisional).

Tata Motors August 2022 futures traded at a premium of 1.15 points at 485.80 (LTP) compared with spot closing of 484.65. The numbers of contracts traded were 16,781 (Provisional).

Among, Nifty calls, 18000 SP from the August month expiry was the most active call with an addition of 16,117 units open interests. Among Nifty puts, 17900 SP from the August month expiry was the most active put with an addition of 29,902 units open interests. The maximum OI outstanding for Calls was at 18000 SP (67,441 units) and that for Puts was at 17500 SP (74,745 units). The respective Support and Resistance levels of Nifty are: Resistance 17,995.68 -- Pivot Point 17,914.52 -- Support -- 17,863.08.

The Nifty Put Call Ratio (PCR) finally stood at (1.37) for August month contract. The top five scrips with highest PCR on Lupin (1.49), Asian Paints (1.43), ICICI Bank (1.32), Eicher Motors (1.30) and Hindustan Petroleum Corporation (1.14).

Among most active underlying, Bajaj Finance witnessed an addition of 1,647 units of Open Interest in the August month futures, Bajaj Finserv witnessed an addition of 1,437 units of Open Interest in the August month futures, Reliance Industries witnessed an addition of 1,252 units of Open Interest in the August month futures, Adani Enterprises witnessed an addition of 711 units of Open Interest in the August month futures and ICICI Bank witnessed an addition of 929 units of Open Interest in the August month futures (Provisional).