The NIFTY futures saw a rise of 1.43% in OI with prices in a very narrow range suggesting both bulls and bears were aggressive in the market indicating that the uncertainty may prevail in the market. The Nifty July series futures discount came to 14 points indicating profit booking happened in the market. The FII were sellers in index futures to the tune of 280 crs and buyers in index options to the tune of 202 crs indicating hedged positions built up by them. The PCR has changed from 1.54 to 1.55 levels indicates strength may be seen in the market at current levels. IV in the market was 24.10 and HV was 16.82.
Among the Big guns, ONGC saw 0.45 % rise in OI with prices coming up indicating buying emerging at lower levels in the counter suggesting some strength may be seen in 09% with prices flat to negative indicating some consolidation may be seen in the stock before any sharp direction o either side.
In the TECH counters INFOSYSTCH saw rise of 0.31% OI with prices positive indicating that the counter saw built up of positions in expectation of result thus we may see sharp movement in the stock in next trading sessions.TCS & SATYAMCOMP saw drop in positions with prices up thus suggesting short covering seen in the market. WIPRO saw rise in OI with prices marginally down indicating selling pressure emerging in the counter suggesting some weakness may be seen.
In the AUTO counters, M&M saw rise of 1.16% in OI with prices moving up suggesting long positions built up in the counter suggesting strength may be seen in the stock. TATAMOTORS & MARUTI saw rise in OI with prices up indicating long positions built up in theses counter suggesting further strength may be seen.
In the Metal pack, TATASTEEL & JSWSTEEL saw drop in OI with prices positive suggesting further strength may be seen in the counter. . SAIL saw rise in OI with prices up indicating fresh long positions built up in this stock suggesting further strength may be seen. HIINDALCO saw flat OI with prices flat indicating some consolidation may be seen in the counter.NATIONALUM saw 10.18% rise in OI with prices positive suggesting fresh buying emerging thus indicates of further strength. STER saw rise in OI with prices coming down indicating built up of short positions in the counter suggesting some weakness may be seen.
We feel that the volume and built up in OI suggests that market may show some volatility with positive bias in the coming days and market is having support around 4350 levels. One should trade with strict stop losses to be adhered too as market is at all time high.