markettrend766
22-09-2008, 07:14 AM
Despite hyper volatility, robust trading volumes were seen in the derivatives segment during the week ended. On a week-on-week basis, open interest reached the highest level since December 2007 to Rs 86,000 crore.
Nifty futures are trading at a premium of 29 points to spot despite next week being settlement we-ek. Nifty open interest put/call ratio recovered smartly from 0.80 to 0.96 intraweek indicating positive near term trend. Above 4,340 Nifty futures may vault to 4560 in next few weeks.
Rollovers to October series are still poor but are expected to pick up in the next couple of days. Avoid shorts at current levels. While open interest in banking, auto, power and FMCG was up, paring of positions was seen in metals, technology, pharma, sugar, realty and infrastructure.
Further gains indicated in banking, power and IT counters. Among the stocks looking technically strong are NTPC, L&T, HDFC, Aban Offshore, Tata Tea, Cummins Bank of India, Power Grid, Essar Oil, Tata Communication, Ambuja Cement, ITC, Bharti and BOB.
Punters tip ‘Ambani’ counters to lead the ongoing rally. Short squeeze coupled with fresh buying may see RIL and Reliance Capital touch Rs 2,200 and Rs 1,400 in near term.
Realty counters like Purvankara, Akruti, Indiabulls Realty and Ansal Infra are witnessing operators activity. Telecom, cement and metal counters may rebound modestly from current levels.
Nifty futures are trading at a premium of 29 points to spot despite next week being settlement we-ek. Nifty open interest put/call ratio recovered smartly from 0.80 to 0.96 intraweek indicating positive near term trend. Above 4,340 Nifty futures may vault to 4560 in next few weeks.
Rollovers to October series are still poor but are expected to pick up in the next couple of days. Avoid shorts at current levels. While open interest in banking, auto, power and FMCG was up, paring of positions was seen in metals, technology, pharma, sugar, realty and infrastructure.
Further gains indicated in banking, power and IT counters. Among the stocks looking technically strong are NTPC, L&T, HDFC, Aban Offshore, Tata Tea, Cummins Bank of India, Power Grid, Essar Oil, Tata Communication, Ambuja Cement, ITC, Bharti and BOB.
Punters tip ‘Ambani’ counters to lead the ongoing rally. Short squeeze coupled with fresh buying may see RIL and Reliance Capital touch Rs 2,200 and Rs 1,400 in near term.
Realty counters like Purvankara, Akruti, Indiabulls Realty and Ansal Infra are witnessing operators activity. Telecom, cement and metal counters may rebound modestly from current levels.