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Market Review

The BSE Sensex zoomed 323.29 points or 1.61% to settle at 20,355.63 while the S&P CNX Nifty surged 99.85 points or 1.66% to end at 6117.55. The BSE Sensex touched a high and a low of 20,609.65 and 20,267.10, respectively. ICICI Bank up 5.97%, M&M up 4.65%, JP Associates up 3.62%, HDFC up 3.16% and DLF up 3.10% were the major gainers on the Sensex.

The Nifty took support at its 40-DMA and is also trading above its crucial 20-DMA, which indicates an upside in the short term. But the index may face some resistance around 6152 range which is recent high, if it manages to break that, 6280 level is also possible in near term .

Nifty future & Option Review

The 50-share S&P CNX Nifty is trading at 6,118.85, after surging 101.15 points or 1.68%.  Nifty November futures saw an addition of 8.29% or 2.01 million (mn) units, taking the total outstanding open interest (OI) to 26.36 mn units.  

For Nifty calls, 6200 strike price (SP) from the November series was the most active call with a contraction of 0.07 mn or 1.77%. Among Nifty puts, 6100 SP from the November month expiry was the most active put with an addition of 1.68 mn or 68.40%. The maximum Call OI outstanding was at 6200 SP (4.17 mn) and that for Puts at 6100 SP (4.14 mn).  The respective Support and Resistance levels are: Resistance 6,135.95 Pivot Point 6,110.35 Support 6,093.25.

The Nifty Put Call Ratio (PCR) OI wise stood at 1.23 for November-month contracts. 

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