Continuing its upward journey for the second consecutive session, CNX S&P Nifty ended Wednesday’s session above 18250 mark. India VIX was up by 1.44%. Market made positive start, as traders were optimistic after Organisation for Economic Cooperation and Development (OECD) in its latest Economic Outlook said that India, with a growth rate of 6.6 per cent in this financial year, is set to be the second-fastest growing economy in the G20 in FY 2022-23 behind Saudi Arabia, despite decelerating global demand and the tightening of monetary policy to manage inflationary pressures.
Market soon pared most of its gains but continued to trade in positive territory, as some support came after Moody's Investors Service said the trend of gradual fiscal consolidation remains intact for India and going forward the country will see strong revenue performance and debt stablisation. Index maintained its head above neutral line in afternoon session, as sentiments remained positive with commerce and industry minister Piyush Goyal’s statement that the proposed free trade agreement (FTA) between India and the UK is a high priority for both the countries and the next round of negotiations for the pact is slated to happen next month. In the last leg of the trade, market added gains but failed to hold them, amid profit booking.
Most of the sectorial indices ended in green except IT, Metal and Consumer Durables. The top gainers from the F&O segment were Gujarat Narmada Valley Fertilizers & Chemicals, Punjab National Bank and Chambal Fertilisers & Chemicals. On the other hand, the top losers were India Cements, Aarti Industries and Adani Enterprises. In the index option segment, maximum OI continues to be seen in the 18200 -18400 calls and 19900 -18100 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility increased by 1.44% and reached 14.04. The 50 share Nifty up by 23.05 points or 0.13% to settle at 18,267.25.
Nifty November 2022 futures closed at 18269.00 (LTP) on Wednesday, at a premium of 1.75 points over spot closing of 18267.25, while Nifty December 2022 futures ended at 18383.30 (LTP), at a premium of 116.05 points over spot closing. Nifty November futures saw an addition of 14,814 units, taking the total outstanding open interest (Contracts) to 1,78,071 units. The near month derivatives contract will expire on November 24, 2022. (Provisional)
From the most active contracts, Reliance Industries November 2022 futures traded at a premium of 2.80 points at 2560.30 (LTP) compared with spot closing of 2557.50. The numbers of contracts traded were 36,228. (Provisional)
Adani Enterprises November 2022 futures traded at a premium of 7.90 points at 3904.90 (LTP) compared with spot closing of 3897.00. The numbers of contracts traded were 30,857. (Provisional)
HDFC Bank November 2022 futures traded at a premium of 5.45 points at 1602.25 (LTP) compared with spot closing of 1596.80. The numbers of contracts traded were 26,009. (Provisional)
Adani Ports and Special Economic Zone November 2022 futures traded at a premium of 0.70 points at 870.70 (LTP) compared with spot closing of 870.00. The numbers of contracts traded were 24,849. (Provisional)
ICICI Bank November 2022 futures traded at a premium of 1.00 points at 927.50 (LTP) compared with spot closing of 926.50. The numbers of contracts traded were 17,890. (Provisional)
Among, Nifty calls, 18300 SP from the November month expiry was the most active call with an addition of 82,632 units open interests. Among Nifty puts, 18200 SP from the November month expiry was the most active put with a contraction of 22,261 units open interests. The maximum OI outstanding for Calls was at 18300 SP (2,95,951 units) and that for Puts was at 18000 SP (1,90,550 units). The respective Support and Resistance levels of Nifty are: Resistance 18313.10 -- Pivot Point 18279.55 -- Support -- 18233.70.
The Nifty Put Call Ratio (PCR) finally stood at (0.77) for November month contract. The top five scrips with highest PCR on Canara Bank (1.54), Balrampur Chini Mills (1.38), NMDC (1.27), Jindal Steel & Power (1.24), and Punjab National (1.23).
Among most active underlying, Adani Enterprises witnessed an addition of 354 units of Open Interest in the November month futures, Reliance Industries witnessed an addition of 13,746 units of Open Interest in the November month futures, HDFC Bank witnessed an addition of 2,138 units of Open Interest in the November month futures, ICICI Bank witnessed an addition of 955 units of Open Interest in the November month futures and State Bank Of India witnessed a contraction of 970 units of Open Interest in the November month futures. (Provisional)
