In a volatile trading session, S&P CNX Nifty managed to end at new record high on Friday. India VIX was down by 1.07%. Market made a positive start, as traders got support after finance ministry in its latest report stated that India is well placed to grow at a ‘moderately brisk rate’ in the coming years on the back of macroeconomic stability, despite global monetary tightening. It further said inflationary pressures will ease in the coming months with the arrival of kharif crops and at the same time job opportunities will increase with improvement in business prospects. However, soon market turned lower, as sentiments got hit with Commerce and Industry Minister Piyush Goyal’s statement that the ongoing global uncertainty and recessionary trends could have some implications on India's exports.
Index continued its weak run in afternoon session, as some cautiousness came after Centre said some states have pulled out of the flagship Pradhan Mantri Fasal Bima Yojana (PMFBY) for failure to pay their share of premium subsidy owing to financial constraints. It said it was willing to make additional pro-farmer changes to the scheme in response to the climate crisis. However, in late afternoon session, market cut its losses to end higher, as some solace came after latest Periodic Labour Force Survey (PLFS) released by the National Statistical Office (NSO) showed that India’s urban unemployment rate for persons aged 15 years and above in urban areas dropped for the fifth consecutive quarter in the July-September period of 2022-23 (FY23) to 7.2% from 9.8% a year ago. Finally, Nifty ended day’s trade above 18500 mark.
Most of the sectorial indices ended in green except Bank, Financial Services and FMCG. The top gainers from the F&O segment were Indiabulls Housing Finance, Bharat Heavy Electricals and Power Finance Corporation. On the other hand, the top losers were TVS Motor Company, ICICI Prudential Life Insurance Company and Shriram Transport Finance Company. In the index option segment, maximum OI continues to be seen in the 18900 -19100 calls and 17900 -18100 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 1.07% and reached 13.33. The 50 share Nifty up by 28.65 points or 0.16% to settle at 18,512.75.
Nifty December 2022 futures closed at 18645.95 (LTP) on Friday, at a premium of 133.20 points over spot closing of 18512.75, while Nifty January 2023 futures ended at 18752.60 (LTP), at a premium of 239.85 points over spot closing. Nifty December futures saw an addition of 5,716 units, taking the total open interest (Contracts) to 2,29,520 units. The near month derivatives contract will expire on December 29, 2022.
From the most active contracts, Reliance Industries December 2022 futures traded at a premium of 22.25 points at 2635.00 (LTP) compared with spot closing of 2612.75. The numbers of contracts traded were 27,092. (Provisional)
ICICI Bank December 2022 futures traded at a premium of 7.15 points at 937.15 (LTP) compared with spot closing of 930.00. The numbers of contracts traded were 26,227. (Provisional)
Adani Enterprises December 2022 futures traded at a premium of 28.80 points at 3928.85 (LTP) compared with spot closing of 3900.05. The numbers of contracts traded were 23,040. (Provisional)
Punjab National Bank December 2022 futures traded at a premium of 0.50 points at 53.95 (LTP) compared with spot closing of 53.45. The numbers of contracts traded were 22,156. (Provisional)
Tata Motors December 2022 futures traded at a premium of 3.05 points at 437.50 (LTP) compared with spot closing of 434.45. The numbers of contracts traded were 18,537. (Provisional)
Among, Nifty calls, 19000 SP from the December month expiry was the most active call with an addition of 6,694 units open interests. Among Nifty puts, 18500 SP from the December month expiry was the most active put with an addition of 6,670 units open interests. The maximum OI outstanding for Calls was at 19000 SP (68,169 units) and that for Puts was at 18000 SP (73,067 units). The respective Support and Resistance levels of Nifty are: Resistance 18550.06 -- Pivot Point 18497.58 -- Support -- 18460.26.
The Nifty Put Call Ratio (PCR) finally stood at (1.43) for December month contract. The top five scrips with highest PCR on IPCA Laboratories (1.20), Canara Bank (1.05), Bharat Heavy Electricals (0.99), HDFC Life Insurance Company (0.99), and IDFC (0.98).
Among most active underlying, Adani Enterprises witnessed an addition of 3,576 units of Open Interest in the December month futures, Punjab National Bank witnessed an addition of 2,113 units of Open Interest in the December month futures, Reliance Industries witnessed a contraction of 1,879 units of Open Interest in the December month futures, ICICI Bank witnessed an addition of 657 units of Open Interest in the December month futures and Axis Bank witnessed an addition of 510 units of Open Interest in the December month futures. (Provisional)
