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We expect flat Opening, for the first couple of hours. Nifty trades in a tight band of 5220-5240. However, the index might rise above 5240, 5270. But it will find difficult to sustain at these levels and slid, finishing the session at 5180-5194.
DERIVATIVE CUES :-
Volumes in Nifty future were marginally lower than yesterday. Nifty (December) future premium has decreased from 7.00 points to 6.25 points and around 5.70 lakh shares were added in open interest with increase in the cost of carry, indicating long accumulation. On the option front, implied volatility has increased by around 200-300 basis points, indicating that the market may remain very volatile as the expiry of December contracts nears. Nifty call option shed 4.50 lakh shares in open interest, whereas put option added 18.20 lakh shares in open interest.
Federal Bank (21%), ONGC (14%), Ispat Industries (11%), Kingfisher Airlines (10%) and Hindalco Industries (10%) were the top open interest gainers in the market. APIL (-13%), Patni Computer Systems (-11%), Ranbaxy Laboratories (-10%) and ACC (-9%) were the top open interest.
Tata Steel ADVANCE SCIENTIFIC Chart 30'th Dec 2009 :-
(Forecasting to happen during Trading Hours)
Tata Steel ADVANCE SCIENTIFIC Chart 31'th Dec 2009 :-
(Forecasting to happen during Trading Hours)
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