Nifty future has turned into a premium of 2 points from a discount of 6 points and 12.50 lakh shares were reduced in open interest. Total open interest in the market was Rs114,892 crore and Rs1,024 crore were added in open interest. Nifty call option shed 17 lakh shares in open interest, whereas put option added 19.00 lakh shares in open interest.
Strong overseas markets, Nifty started off 30 points higher and saw some aggressive buying in initial hour. The market traded with positive bias all through the day amid high volatility. On the day marked with showdown by bulls and bears every now and then bulls capitalized on buying in Reliance pack and other heavyweights. Clinching the tug-of-war bulls led Nifty close 70 points higher at 4830.Volumes in Nifty futures were significantly lower than the previous volumes. Around 12.50 lakh shares were reduced in open interest with increase in the cost of carry, indicating short covering in the market. On the option front, implied volatility has decreased by a significant 350-450 basis points, indicating that buying may continue to emerge at lower levels and 4750-4700 remains a good bet going forward.
Nifty Closed 4828 on 11’Th Feb 2010. Nifty has a pivotal of 4817 – 4820. Nifty has a first resistance around 4850 & Second resistance around 4870-4880. Nifty has a first support around 4790 & Second resistance around 4750.
Tata Steel Closed 534 on 11’Th Feb 2010. Stock has a pivotal of 532-531. Stock has a first resistance around 540 & Second resistance around 545. Stock has a first support around 526 & Second resistance around 518.
Reliance Closed 1015 on 11’Th Feb 2010. Stock has a pivotal of 1007. Stock has a first resistance around 1027 & Second resistance around 1040. Stock has a first support around 995 & Second resistance around 980.
Trading Call for 15’Th Feb.
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