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Derivative market update

SI Reporter/Mumbai 29 Aug 12 | 09:20 AM

Technically, after a rally of 429 points from 5034 till 5463, Nifty has shown retracement in past 3 trading sessions due to profit booking. Rising channel formation in the weekly chart indicates that 5400-5450 level is the resistance level for Nifty.

As per Fibonacci retracement, daily charts indicates that Nifty may take a support of 5280 levels on downside which is the 61.8% (high- 5448/low-5032). Once Nifty manages to take a support of 5280 level, we may witnesses a technical pull back which may take Nifty towards 5400-5450 levels. Currently, Nifty is in a consolidation mode between 5300-5450 levels ahead of expiry on Thursday.

The levels of 5450 would continue to serve as a stiff resistance for Nifty. Only in case of a break out beyond 5450 we may see further upside till 5500/5550.


Nifty August 2012 futures closed at 5346.05 on Tuesday at a premium of 11.45 points over spot closing of 5,334.60

Nifty September 2012 futures were at 5378.10 at a premium of 43.50 points over spot closing.

Nifty August futures saw a contraction of 3.22 million (mn) units taking the total outstanding open interest (OI) to 20.26 mn units.

The Nifty Put Call Ratio (PCR) OI wise stood at 1.70 for August -month contract.

The India VIX witnessed contraction of 0.73% at 16.35 as compared to its previous close of at 16.47 on Monday.


Nifty calls, 5500 SP from the August month expiry was the most active call with contraction of 1.43 million open interest.

Nifty puts, 5300 SP from the August month expiry was the most active put with contraction of 1.26 million open interest.

The maximum OI outstanding for Calls was at 5500 SP (9.13mn) and that for Puts was at 5300 SP (9.58 mn).


Long positions were witnessed in stocks like GSPL & SRTRANSFIN

Short positions were witnessed in stocks like STER & JINDALSTEL

Source: LKP Securities

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