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Equity Futures: Data show Nifty 50 resistance to remain at 18800 pts

Informist, Wednesday, Dec 14, 2022


By Vivek Kumar


MUMBAI – Nifty 50 is likely to continue facing stiff resistance around 18800 points level on Thursday irrespective of the US Federal Reserve’s policy decision, analysts said. 


In the options contract expiring Thursday, traders sold both call and put options of major strike prices of the Nifty 50 today. The call option of 18700 points witnessed maximum addition of open interest with its premium falling nearly 8%.


The call options of 18800 and 18900 points were the other contracts that saw high open interest additions today. The premiums of deeper-out-of-the-money call option fell more sharply as the contracts are set to expire on Thursday and traders do not expect any significant upmove.


On the put side, the maximum open interest build-up was seen at 18600 and 18500 points strike price.


The weekly options contracts are set to expire on Thursday and analysts do not expect the Nifty 50 to close above 18800-18850 points on the day. The benchmark index today closed 0.3% higher at 18660.30 points. The gains in benchmark indices were limited compared to other Asian peers and the US markets.


“The pattern formation does not indicate anything above 18800-18850 points for the Nifty 50. The support is seen around 18400-18500 points,” said Ratnesh Goyal, senior technical and derivatives analyst at Arihant Capital Markets.


Even in the options contract expiring on Dec 22, 18700 points contract witnessed highest open interest addition with its premium rising over 9%. However, the premiums of deeper-out-of-the-money call options of 18900, 19000 and 19100 points also saw some buying.


After 18700 points call option, the highest build up of open interest was at 18800 points and the premium on the latter rose over 11%.


The December futures contract of the Nifty 50 closed at a premium of 78.1 points to the spot index today, as per provisional data, down from the premium of 95.85 points on Tuesday.


–Nifty 50 Dec closed at 18738.40, up 34.55 points; 78.10-point premium to spot index

–Nifty 50 Jan closed at 18854.60, up 40.85 points; 194.30-point premium to spot index

–Nifty 50 Feb closed at 18936.00, up 41.40 points; 280.20-point premium to spot index


Total turnover in the futures and options segment of the National Stock Exchange was 119.19 trln rupees, against 143.03 trln rupees on Tuesday. 


The turnover in index options was 116.16 trln rupees compared with 140.31 trln rupees in the previous session. The total premium turnover of index and stock options was 339.06 bln rupees compared with 353.87 bln rupees on Tuesday.


State Bank of India, ICICI Bank, HDFC Bank, Punjab National Bank, Reliance Industries, Infosys, Adani Enterprises, Indiabulls Housing Finance, Axis Bank, Bank of Baroda, Adani Ports and Special Economic Zone, IDFC First Bank, IndusInd Bank and Kotak Mahindra Bank were among the most actively traded underlying stocks.  




Edited by Maheswaran Parameswaran



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Source: Cogencis

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