Nifty ended highly volatile trading session in red zone. Market made positive start, as provisional data released by the government showed that India’s merchandise exports in October rose 42.33 per cent to $35.47 billion. The exports stood at $24.92 billion in October 2020 and $26.23 billion in October 2019. Adding more optimism, Goods and Services Tax (GST) collection remained above Rs 1 lakh crore for the fourth month in a row at over Rs 1.30 lakh crore in October, indicating the impact of festive buying. This is the second highest collection of GST since its implementation on July 1, 2017. Further, market turned volatile with Centre for Monitoring of Indian Economy (CMIE) data showing that despite a 124 basis points month-on-month decline in urban joblessness rate, the country’s overall unemployment rate rose again in October, owing to a sudden 175 basis points rise in rural joblessness rate.
Market extended its losses in late afternoon session even after Goods and Services Tax (GST) collection remained above Rs 1 lakh crore for the fourth month in a row at over Rs 1.30 lakh crore in October. This is the second highest collection of GST since its implementation on July 1, 2017. The tax collections last month on goods sold and services rendered was 24 per cent higher than in October 2020.
Most of the sectoral indices ended in green except FMCG,IT and Metal. The top gainers from the F&O segment were RBL Bank, Shriram Transport Finance and Bandhan Bank. On the other hand, the top losers were Aarti Industries, Tata Steel and PI Industries. In the index option segment, maximum OI continues to be seen in the 18900 -19200 calls and 16900 -17200 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 1.00% and reached 17.06. The 50 share Nifty down by 40.70 points or 0.23% to settle at 17,888.95.
Nifty November 2021 futures closed at 17922.95 (LTP) on Tuesday, at a premium of 34.00 points over spot closing of 17888.95, while Nifty December 2021 futures ended at 17983.00 (LTP), at a premium of 94.05 points over spot closing. Nifty November futures saw a contraction of 5,112 units, taking the total outstanding open interest (OI) to 2,09,258 units. The near month derivatives contract will expire on November 25, 2021 (Provisional).
From the most active contracts, Sun Pharma November 2021 futures traded at a premium of 3.55 points at 817.50 (LTP) compared with spot closing of 813.95. The numbers of contracts traded were 50,526 (Provisional).
SBIN November 2021 futures traded at a premium of 2.20 points at 524.20 (LTP) compared with spot closing of 522.00. The numbers of contracts traded were 31,561 (Provisional).
Tata Steel November 2021 futures traded at a premium of 1.00 points at 1319.00 (LTP) compared with spot closing of 1318.00. The numbers of contracts traded were 26,525 (Provisional).
Reliance Industries November 2021 futures traded at a premium of 13.65 points at 2516.70 (LTP) compared with spot closing of 2503.05. The numbers of contracts traded were 25,691 (Provisional).
Tata Motors November 2021 futures traded at a premium of 2.45 points at 490.50 (LTP) compared with spot closing of 488.05. The numbers of contracts traded were 22,034 (Provisional).
Among, Nifty calls, 18200 SP from the October month expiry was the most active call with an addition of 1,121 units open interests. Among Nifty puts, 17900 SP from the October month expiry was the most active put with an addition of 4,761 units open interests. The maximum OI outstanding for Calls was at 19000 SP (45,663 units) and that for Puts was at 17000 SP (46,103 units). The respective Support and Resistance levels of Nifty are: Resistance 17,984.93 -- Pivot Point 17,916.27 -- Support -- 17,820.28.
The Nifty Put Call Ratio (PCR) finally stood at (1.11) for October month contract. The top five scrips with highest PCR on Balkrishna Industries (1.70), Dalmia Bharat (1.68), Whirlpool (1.16), Bandhan Bank (0.86) and Abbott India (0.83).
Among most active underlying, Tata Motors witnessed an addition of 495 units of Open Interest in the October month futures contract, Sun Pharma witnessed an addition of 5,690 units of Open Interest in the October month futures contract, SBIN witnessed an addition of 4,632 units of Open Interest in the October month futures contract, Tata Power witnessed an addition of 1,131 units of Open Interest in the October month futures contract and Reliance Industries witnessed an addition of 8,334 units of Open Interest in the October month futures contract (Provisional).
