Nifty ends near intraday high point on Tuesday

S&P CNX Nifty gave powerful performance on Tuesday and finished the day’s trade near intraday high point. India VIX was down by 5.66%. Market made positive start, as Commerce and Industry Minister Piyush Goyal has said that India is looking at getting duty-free access for different products identified under One District One Product (ODOP) initiative, to promote their exports .The Minister said that these products, which include gold jewellery, toys, handicrafts and handlooms, hold huge opportunities.

Further, index extended its trade towards upward direction, as traders took support with a joint survey conducted by industry body FICCI and Indian Banks' Association revealing that the economic activity in India is in recovery mode as growth seen broad basing with most sectors operating at pre-pandemic levels. The uptick in growth was despite a muted start to this year due to emergence of Omicron variant.

Index continued gaining momentum to finish the session near intraday high point, as credit rating agency Icra in its a note based on the analysis of 620 listed companies, excluding financial sector entities, has said that India Inc saw a 39 per cent jump in top lines during April-June quarter. However, it said their operating margins declined 213 basis points to 17.7 per cent due to input cost inflation.

All the sectoral indices ended in green. The top gainers from the F&O segment were DLF, Bajaj Finserv and Oberoi Realty. On the other hand, the top losers were NMDC, Dr. Lal PathLabs and Piramal Enterprises. In the index option segment, maximum OI continues to be seen in the 17900 -18200 calls and 15900 -16100 puts indicating this is the trading range expectation.

India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 5.66% and reached 18.70. The 50 share Nifty up by 446.40 points or 2.58% to settle at 17,759.30.

Nifty September 2022 futures closed at 17823.00 (LTP) on Tuesday, at a premium of 63.70 points over spot closing of 17759.30, while Nifty October 2022 futures ended at 17875.00 (LTP), at a premium of 115.70 points over spot closing. Nifty September futures saw an addition of 16,856 units, taking the total open interest (Contracts) to 2,38,355 units. The near month derivatives contract will expire on September 29, 2022 (Provisional).

From the most active contracts, Reliance Industries September 2022 futures traded at a premium of 6.50 points at 2648.50 (LTP) compared with spot closing of 2642.00. The numbers of contracts traded were 28,641 (Provisional).

Piramal Enterprises September 2022 futures traded at a premium of 7.05 points at 1084.05 (LTP) compared with spot closing of 1077.00. The numbers of contracts traded were 9,075 (Provisional).

Adani Enterprises September 2022 futures traded at a premium of 17.50 points at 3210.10 (LTP) compared with spot closing of 3192.60. The numbers of contracts traded were 8,304 (Provisional).

Maruti Suzuki India September 2022 futures traded at a premium of 62.15 points at 9113.15 (LTP) compared with spot closing of 9051.00. The numbers of contracts traded were 8,232 (Provisional).

HDFC Bank September 2022 futures traded at a premium of 6.40 points at 1490.05 (LTP) compared with spot closing of 1483.65. The numbers of contracts traded were 7,306 (Provisional).

Among, Nifty calls, 18500 SP from the September month expiry was the most active call with an addition of 2,106 units open interests. Among Nifty puts, 17500 SP from the September month expiry was the most active put with an addition of 9,803 units open interests. The maximum OI outstanding for Calls was at 18000 SP (44,926 units) and that for Puts was at 16000 SP (73,316 units). The respective Support and Resistance levels of Nifty are: Resistance 17,890.80 -- Pivot Point 17,646.15 -- Support -- 17,514.65.

The Nifty Put Call Ratio (PCR) finally stood at (1.46) for September month contract. The top five scrips with highest PCR on Asian Paints (1.07), RBL Bank (0.88), Indusind Bank (0.84), SBIN (0.83) and Abbott India (0.83).

Among most active underlying, Reliance Industries witnessed an addition of 7,295 units of Open Interest in the September month futures, Adani Enterprises witnessed an addition of 1,042 units of Open Interest in the September month futures, HDFC Bank witnessed an addition of 2,021 units of Open Interest in the September month futures, ICICI Bank witnessed an addition of 2,145 units of Open Interest in the September month futures and Bajaj Finance witnessed an addition of 484 units of Open Interest in the September month futures (provisional).