S&P CNX -- Nifty snapped three day losing streak on Tuesday ahead of the Federal Reserve's latest policy meeting minutes due this week. India VIX was down by 6.45%. Market made cautious start, as traders were concerned after rating agencies Crisil and Icra revised down their India growth projections for the current fiscal and the second quarter mainly due to the ripple effect of slowdown in global growth and mixed crop output. Crisil downgraded the India growth forecast by 30 bps to 7 per cent while Icra pegged the economic expansion at 6.5 per cent for the second quarter of FY2022-23.
However, soon index moved into positive territory, as some solace came after India and the European Union (EU) signed an agreement on cooperation in areas such as climate modelling and quantum technologies, building on the Trade and Technology Council launched by the two sides earlier this year. Market continued its fine fettle trade in afternoon session, as sentiments remained upbeat after Centre said the number of beneficiaries under the PM-KISAN scheme has crossed 10 crore, increasing more than three-fold from 3.16 crore farmers covered under the first instalment period in early 2019. In last leg of trade, index touched its intraday high point even after renewed Covid restrictions in China rose and could cause supply chain disruptions.
Most of the sectorial indices ended in green except Realty. The top gainers from the F&O segment were Shriram Transport Finance Company, Bank of Baroda and Bharat Heavy Electricals. On the other hand, the top losers were Intellect Design Arena, Indian Energy Exchange and Mahanagar Gas. In the index option segment, maximum OI continues to be seen in the 18200 -18400 calls and 18100 -18300 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 6.45% and reached 13.84. The 50 share Nifty up by 84.25 points or 0.46% to settle at 18,244.20.
Nifty November 2022 futures closed at 18290.20 (LTP) on Tuesday, at a premium of 46.00 points over spot closing of 18244.20, while Nifty December 2022 futures ended at 18385.60 (LTP), at a premium of 141.40 points over spot closing. Nifty November futures saw a contraction of 1,741 units, taking the total open interest (Contracts) to 1,90,690 units. The near month derivatives contract will expire on November 24, 2022. (Provisional)
From the most active contracts, HDFC Bank November 2022 futures traded at a premium of 2.70 points at 1599.20 (LTP) compared with spot closing of 1596.50. The numbers of contracts traded were 34,493. (Provisional)
Reliance Industries November 2022 futures traded at a premium of 8.00 points at 2573.00 (LTP) compared with spot closing of 2565.00. The numbers of contracts traded were 29,072. (Provisional)
Adani Enterprises November 2022 futures traded at a premium of 10.60 points at 4040.60 (LTP) compared with spot closing of 4030.00. The numbers of contracts traded were 25,901. (Provisional)
Indusind Bank November 2022 futures traded at a discount of 1.40 points at 1171.00 (LTP) compared with spot closing of 1172.40. The numbers of contracts traded were 25,570. (Provisional)
Adani Ports and Special Economic Zone November 2022 futures traded at a premium of 2.15 points at 883.40 (LTP) compared with spot closing of 881.25. The numbers of contracts traded were 24,230. (Provisional)
Among, Nifty calls, 18300 SP from the November month expiry was the most active call with an contraction of 23,689 units open interests. Among Nifty puts, 18200 SP from the November month expiry was the most active put with an addition of 1,05,079 units open interests. The maximum OI outstanding for Calls was at 18300 SP (2,18,400 units) and that for Puts was at 18200 SP (1,96,887 units). The respective Support and Resistance levels of Nifty are: Resistance 18291.46 -- Pivot Point 18214.58 -- Support -- 18167.31.
The Nifty Put Call Ratio (PCR) finally stood at (0.85) for November month contract. The top five scrips with highest PCR on Canara Bank (1.29), Balrampur Chini Mills (1.23), Jindal Steel & Power (1.18), NMDC (1.15) and Petronet LNG (1.13).
Among most active underlying, HDFC Bank witnessed a contraction of 6,784 units of Open Interest in the November month futures, Adani Enterprises witnessed a contraction of 2,127 units of Open Interest in the November month futures, ICICI Bank witnessed an addition of 1,244 units of Open Interest in the November month futures, Reliance Industries witnessed an a contraction of 704 units of Open Interest in the November month futures, and Ambuja Cements witnessed an contraction of 996 units of Open Interest in the November month futures. (Provisional)
