Nifty closes at new high on Tuesday

S&P CNX Nifty extended its gains for sixth trading session and ended at record closing high on Tuesday. India VIX was down by 0.36%. After making slightly negative start, index soon entered in green, as traders got some solace after Reserve Bank of India (RBI) released quarterly statistics on deposits and credit highlighting that bank credit growth to 17.2 per cent on an annual basis in September from 14.2 per cent a quarter ago. Further, market widened its gains, as some comfort came with report stating that senior officials of India and the European Union (EU) on November 28 commenced the third round of talks on a proposed free trade agreement, which aims at boosting trade and investments between the two regions. In afternoon session, market continued its bull run to hit new mark despite SBI Research’s latest report expressing cautiousness over India’s economic situation and pencilled the country's GDP growth for the second quarter (Q2) at 5.8 per cent, down 30 basis points from average estimates citing a weak manufacturing sector coupled with the steep margin compression. However, in late afternoon session, market pared some of its gains as investors booked their profit.

Most of the sectorial indices ended in green except Auto, PSU Bank, Realty and Oil & Gas. The top gainers from the F&O segment were Dabur India, Aditya Birla Capital and Hindustan Unilever. On the other hand, the top losers were ABB India, Indian Hotels Company and Laurus Labs. 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 increased by 0.36% and reached 13.62. The 50 share Nifty up by 55.30 points or 0.30% to settle at 18,618.05.

Nifty December 2022 futures closed at 18731.00 on Tuesday (LTP), at a premium of 112.95 points over spot closing of 18618.05, while Nifty January 2023 futures ended at 18828.10 (LTP), at a premium of 210.05 points over spot closing. Nifty December futures saw an addition of 6,198 units, taking the total open interest (Contracts) to 2,45,006 units. The near month derivatives contract will expire on December 29, 2022. (Provisional)

From the most active contracts, Reliance Industries December 2022 futures traded at a premium of 13.40 points at 2721.75 (LTP) compared with spot closing of 2708.35. The numbers of contracts traded were 63,235. (Provisional)

HDFC Bank December 2022 futures traded at a premium of 13.05 points at 1613.05 (LTP) compared with spot closing of 1600.00. The numbers of contracts traded were 18,594. (Provisional)

Infosys December 2022 futures traded at a premium of 11.30 points at 1638.10 (LTP) compared with spot closing of 1626.80. The numbers of contracts traded were 15,283. (Provisional)

Tata Motors December 2022 futures traded at a premium of 3.85 points at 436.50 (LTP) compared with spot closing of 432.65. The numbers of contracts traded were 11,486. (Provisional)

ICICI Bank December 2022 futures traded at a premium of 4.90 points at 951.75 (LTP) compared with spot closing of 946.85. The numbers of contracts traded were 9,816. (Provisional) 

Among, Nifty calls, 19000 SP from the December month expiry was the most active call with a contraction of 849 units open interests. Among Nifty puts, 18500 SP from the December month expiry was the most active put with an addition of 7,327 units open interests. The maximum OI outstanding for Calls was at 19000 SP (72,981 units) and that for Puts was at 18000 SP (80,482 units). The respective Support and Resistance levels of Nifty are: Resistance 18680.05-- Pivot Point 18616.10 -- Support -- 18554.10.

The Nifty Put Call Ratio (PCR) finally stood at (1.41) for December month contract. The top five scrips with highest PCR on IPCA Laboratories (1.00), Hindustan Unilever (0.97), Alkem Laboratories (0.97), Bharat Petroleum Corporation (0.95) and Canara Bank (0.95).

Among most active underlying, Reliance Industries witnessed a contraction of 995 units of Open Interest in the December month futures, ICICI Bank witnessed an addition of 2,578 units of Open Interest in the December month futures, HDFC Bank witnessed an addition of 4,077 units of Open Interest in the December month futures, Adani Enterprises witnessed an addition of 1,205 units of Open Interest in the December month futures and Bandhan Bank witnessed an addition of 4,793 units of Open Interest in the December month futures. (Provisional)