NIFTY, Reliance, Tata Steel 16'th FEB 2010

On mixed cues from global markets, Nifty started the day almost flat. Nifty future turned into discount of 6 points from premium of 2 points Total open interest in the market was Rs117, 464 crore and Rs2, 572 crore were added in open interest. Nifty call option added 30.80 lakh shares in O.I., whereas put option added 13.20 lakh shares in open interest. The index started the day well above 4820, but could not sustain at these levels on selling pressure in Bharti and Reliance pack along with selected banking and realty stocks. After remaining choppy and lackluster, nifty finally ended the volatile session 25 lower at 4802.Volumes in Nifty futures were significantly lower than the previous volumes. 7 lakh shares were added in open interest with decrease in the cost of carry, indicating short position building up at higher levels. On the option front, implied volatility has increased marginally by around 200-250 basis points, indicating that uncertainty and high volatility will continue in the market. Bharti (33%), REC (16%), Bank of India (13%), Ispat (11%) and JSW Steel (10%) were the top open interest gainers in the market. Chennai Petroleum (-7%), Unitech (-6%) were the top open interest losers in the market.

Tata Steel Closed 540. Stock has a pivotal of 538. Stock has a first resistance around 545 & Second resistance around 550-552. Stock has a first support around 532 & Second resistance around 524.

Reliance Closed 1010. Stock has a pivotal of 1015. Stock has a first resistance around 1022 & Second resistance around 1030. Stock has a first support around 1007 & Second resistance around 1002.

Trading Call for 16’Th Feb.

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