Nifty ended the volatile day of trade with half a percent gain and settled above its crucial 18,200 mark. Market made a positive start as trader got some support from the former Vice-Chairman of NITI Aayog Arvind Panagariya’s statement that India may log a growth rate of eight per cent of real Gross Domestic Product (GDP) in FY23. Traders took note of report that US Secretary of the Treasury Janet Yellen will visit India to participate in the US-India Economic and Financial Partnership on November 11 and discuss how the two countries can work together to deepen their economic ties.
However, in late afternoon session market failed to hold gain and turned negative for brief period, as trader booked some profit after statement from chief economic adviser -- V Anantha Nageswaran that the country’s external sector could face some anxious moments this financial year, as the proposed oil price cap on global crude could instead serve to raise those instead. The way the oil price cap is being discussed has encouraged oil and gas traders to stock up on volumes, creating unintended consequences. Index turned back in green zone and ended with decent gains as traders took some encouragement with report that Russia became India’s top oil supplier in October, surpassing traditional sellers Saudi Arabia and Iraq. Russia, which made up for just 0.2 per cent of all oil imported by India in the year to March 31, 2022, supplied 935,556 barrels per day (bpd) of crude oil to India in October - the highest ever.
Most of the sectorial indices ended in green except Pharma, Healthcare and Consumer Durables. The top gainers from the F&O segment were Bank of Baroda, Britannia Industries and Amara Raja Batteries. On the other hand, the top losers were Vedanta, Marico and Divi's Laboratories. In the index option segment, maximum OI continues to be seen in the 19400 -19600 calls and 16950 -17150 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 0.44% and reached 15.59. The 50 share Nifty up by 85.65 points or 0.47% to settle at 18,202.80.
Nifty November 2022 futures closed at 18262.25 (LTP) on Monday, at a premium of 59.45 points over spot closing of 18202.80, while Nifty December 2022 futures ended at 18340.50 (LTP), at a premium of 137.70 points over spot closing. Nifty November futures saw a contraction 3,497 units, taking the total open interest (Contracts) to 2,32,240 units. The near month derivatives contract will expire on November 24, 2022. (Provisional)
From the most active contracts, State Bank of India November 2022 futures traded at a premium of 2.20 points at 616.00 (LTP) compared with spot closing of 613.80. The numbers of contracts traded were 54,422. (Provisional)
Adani Enterprises November 2022 futures traded at a premium of 17.90 points at 3971.25 (LTP) compared with spot closing of 3953.35. The numbers of contracts traded were 44,408. (Provisional)
Divi's Laboratories November 2022 futures traded at a discount of 15.40 points at 3403.60 (LTP) compared with spot closing of 3419.00. The numbers of contracts traded were 37,061. (Provisional)
Vedanta November 2022 futures traded at a premium of 1.55 points at 307.95 (LTP) compared with spot closing of 306.40. The numbers of contracts traded were 32,782. (Provisional)
Reliance Industries November 2022 futures traded at a premium of 11.00 points at 2615.00 (LTP) compared with spot closing of 2604.00. The numbers of contracts traded were 30,202. (Provisional)
Among, Nifty calls, 18500 SP from the November month expiry was the most active call with a contraction of 2,401 units open interests. Among Nifty puts, 18200 SP from the November month expiry was the most active put with an addition of 8,925 units open interests. The maximum OI outstanding for Calls was at 19500 SP (47,653units) and that for Puts was at 17000 SP (73,525units). The respective Support and Resistance levels of Nifty are: Resistance 18283.95 -- Pivot Point 18174.350 -- Support -- 18093.20.
The Nifty Put Call Ratio (PCR) finally stood at (1.33) for November month contract. The top five scrips with highest PCR on Canara Bank (1.40), Mahindra & Mahindra Fin. Services (1.24), MRF (1.07), Britannia Industries (1.05) and Amara Raja Batteries (1.00).
Among most active underlying, State Bank of India witnessed an addition of 905 units of Open Interest in the November month futures, Adani Enterprises witnessed an addition of 1,649 units of Open Interest in the November month futures, Bank of Baroda witnessed an addition of 977 units of Open Interest in the November month futures, ICICI Bank witnessed an addition of 3,990 units of Open Interest in the November month futures and Reliance Industries witnessed an addition of 2,084units of Open Interest in the November month futures. (Provisional)
