Nifty ends near low point on Tuesday

Nifty ended session with cut of over a percent on Tuesday. India VIX was up by 4.42%. Market made negative start with a private report that India's retail inflation accelerated to a five month high of 7.30% in September due to surging food prices, staying well above the Reserve Bank of India's (RBI) upper tolerance band for a ninth month. Further, index continued its dull trade amid reports that India’s economy showed signs of slowing-but-steady growth last month, with businesses holding on to optimism that domestic demand will revive as the peak shopping season approaches. In late afternoon session, index added more losses to touch its low point, as U.S. President Joe Biden pledged to Ukraine President Volodomyr Zelenskiy that the United States will provide Ukraine with advanced air systems after a devastating missile barrage from Russia. Finally, Nifty closed the day’s trade below 17000 mark. 

All the sectoral indices ended in red. The top gainers from the F&O segment were Bata India, Axis Bank and Federal Bank. On the other hand, the top losers were Divi's Laboratories, United Spirits and India Cements. In the index option segment, maximum OI continues to be seen in the 17900 -18200 calls and 16900 -17150 puts indicating this is the trading range expectation.

India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility increased by 4.42% and reached 20.49. The 50 share Nifty down by 257.45 points or 1.49% to settle at 16,983.55.

Nifty October 2022 futures closed at 16960.65 (LTP) on Tuesday, at a discount of 22.90 points over spot closing of 16983.55, while Nifty November 2022 futures ended at 17005.00 (LTP), at a premium of 21.45 points over spot closing. Nifty October futures saw an addition of 21,066 units, taking the total open interest (contracts) to 1,86,358 mn units. The near month derivatives contract will expire on October 27, 2022. (Provisional)

From the most active contracts, Infosys October 2022 futures traded at a discount of 21.50 points at 1403.50 (LTP) compared with spot closing of 1425.00. The numbers of contracts traded were 72,028. (Provisional)

TCS October 2022 futures traded at a premium of 0.15 points at 3064.15 (LTP) compared with spot closing of 3064.00. The numbers of contracts traded were 58,212. (Provisional)

Wipro October 2022 futures traded at a premium of 1.40 points at 404.40 (LTP) compared with spot closing of 403.00. The numbers of contracts traded were 23,631. (Provisional)

Axis Bank October 2022 futures traded at a premium of 0.20 points at 785.20 (LTP) compared with spot closing of 785.00. The numbers of contracts traded were 21,104. (Provisional)

Reliance Industries October 2022 futures traded at a premium of 8.45 points at 2362.00 (LTP) compared with spot closing of 2353.55. The numbers of contracts traded were 20,940. (Provisional)

Among, Nifty calls, 17100 SP from the October month expiry was the most active call with an addition of 16,873 units open interests. Among Nifty puts, 17000 SP from the October month expiry was the most active put with a contraction of 4,566 units open interests. The maximum OI outstanding for Calls was at 18000 SP (72,859 units) and that for Puts was at 17000 SP (74,633 units). The respective Support and Resistance levels of Nifty are: Resistance 17,180.13 -- Pivot Point 17,065.22 -- Support -- 16,868.63.

The Nifty Put Call Ratio (PCR) finally stood at (1.09) for October month contract. The top five scrips with highest PCR on IDFC (0.88), RBL Bank (0.85), JSW Steel (0.85), Page Industries (0.78) and Zydus Lifesciences (0.78).

Among most active underlying, Infosys witnessed an addition of 15,190 units of Open Interest in the October month futures, TCS witnessed a contraction of 2,906 units of Open Interest in the October month futures, Indusind Bank witnessed an addition of 5,609 units of Open Interest in the October month futures, Axis Bank witnessed an addition of 2,942 units of Open Interest in the October month futures and Adani Enterprises witnessed a contraction of 16 units of Open Interest in the October month futures. (Provisional)