Indian equity benchmark -- Nifty -- finished Friday’s trading day on a higher note. Market made a powerful start, as traders got encouragement after Chief Economic Advisor V Anantha Nageswaran expressed hope that the GDP growth for the current financial year will exceed the projected 7 per cent in view of the expected revision of high frequency data. Sentiments remained up-beat as a private business survey showed activity in India's dominant services sector expanded at the fastest pace in 12 years in February on strong demand as price pressures eased further amid mild job rises & capacity pressures in the country.
In afternoon session, index continued to trade with traction, as traders took some support with report stating that the Centre has taken steps to enhance exports by micro, small and medium enterprises (MSME) sector by setting up facilitation centers across the country. It also said the export facilitation centers will provide the requisite mentoring and handholding support to the sector and also help to set up a network of entrepreneurial leaders. Finally, index closed on a higher note with over 1.5% gains on last trading day of the week.
All the sectorial indices in green. The top gainers from the F&O segment were Adani Enterprises, Adani Ports and Special Economic Zone and Canara Bank. On the other hand, the top losers were Shree Cement, Indus Towers and Tech Mahindra. In the index option segment, maximum OI continues to be seen in the 17900 -18100 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 6.09% and reached 12.18. The 50 share Nifty up by 272.45 points or 1.57% to settle at 17,594.35.
Nifty March 2023 futures closed at 17661.45 on Friday (LTP), at a premium of 67.10 points over spot closing of 17594.35, while Nifty April 2023 futures ended at 17762.35 (LTP), at a premium of 168.00 points over spot closing. Nifty March futures saw a contraction of 9,046 units, taking the total open interest (Contracts) to 2,27,492 units. The near month derivatives contract will expire on March 29, 2023. (Provisional)
From the most active contracts, Adani Enterprises March 2023 futures traded at a premium of 13.60 points at 1887.60 (LTP) compared with spot closing of 1874.00. The numbers of contracts traded were 87,826. (Provisional)
Adani Ports and Special Economic Zone March 2023 futures traded at a premium of 2.20 points at 685.90 (LTP) compared with spot closing of 683.70. The numbers of contracts traded were 56,430. (Provisional)
Reliance Industries March 2023 futures traded at a premium of 16.35 points at 2398.35 (LTP) compared with spot closing of 2382.00. The numbers of contracts traded were 42,634. (Provisional)
State Bank of India March 2023 futures traded at a premium of 1.80 points at 562.80 (LTP) compared with spot closing of 561.00. The numbers of contracts traded were 38,735. (Provisional)
ICICI Bank March 2023 futures traded at a premium of 5.35 points at 871.85 (LTP) compared with spot closing of 866.50. The numbers of contracts traded were 26,837. (Provisional)
Among, Nifty calls, 18000 SP from the March month expiry was the most active call with an addition of 3,693 units open interests. Among Nifty puts, 17300 SP from the March month expiry was the most active put with a contraction of 426 units open interests. The maximum OI outstanding for Calls was at 18000 SP (69,545 units) and that for Puts was at 17000 SP (94,390 units). The respective Support and Resistance levels of Nifty are: Resistance 17683.50 -- Pivot Point 17555.60 -- Support -- 17466.45.
The Nifty Put Call Ratio (PCR) finally stood at (1.27) for March month contract. The top five scrips with highest PCR on Max Financial Services (1.09), Bank of Baroda (1.09), Metropolis Healthcare (1.06), Canara Bank (1.04) and Vedanta (1.01).
Among most active underlying, Adani Enterprises witnessed an addition of 187 units of Open Interest in the March month futures, HDFC Bank witnessed an addition of 75 units of Open Interest in the March month futures, Reliance Industries witnessed a contraction of 689 units of Open Interest in the Marchmonth futures, Adani Ports and Special Economic Zone witnessed a contraction of 636 units of Open Interest in the March month futures and HDFC Bank witnessed a contraction of 1,643 units of Open Interest in the March month futures. (Provisional)
