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Equity Futures: Traders indecisive on Nifty 50; 19900 pts key hurdle

Informist, Thursday, Oct 12, 2023


By Anjana Therese Antony


MUMBAI – The options chain of Nifty 50 showed indecisiveness among bulls and bears as there was selling across puts and calls expiring next Thursday. However, some technical analysts said the overall sentiment in the market is positive and the current marginal fall in the market could be taken as an opportunity to buy till the index holds its ground at 19500 points.


With more companies scheduled to release their quarterly financial results going forward, some analysts believe the 50-stock index could gain momentum. “I think the market will gain strength in the coming sessions. Today’s weakness caused by IT (information technology) stocks may not be a major concern,” said a technical and derivatives analyst at a domestic bank-sponsored broking firm.


A lower-than-expected quarterly earnings of IT giant Tata Consultancy Services and a hazy outlook by its management on Wednesday dampened the sentiment towards the sector today. The company’s consolidated revenue grew 0.5% quarter on quarter to 596.92 bln rupees. Net profit for Jul-Sep grew 2.4% on quarter to 113.42 bln rupees.


The numbers were lower than the average of estimates of broking firms compiled by Informist. The topline was seen at 602.23 bln rupees and bottomline at 114.00 bln rupees.


Today, benchmark indices Nifty 50 and Sensex closed 0.1% lower at 19794.00 points and 66408.39 points. The support for the Nifty 50 is seen at 19750-19700 points and resistance at 19850-19900 points. For Friday, 19900 points is pegged as a key hurdle for the 50-stock index.


In the options chain, the premium of call contracts at and above 19800 strike price declined, down 14% to 179.05 rupees. This level has the highest open interest additions. Similarly, for 19900 strike, the premium dropped by 9% to 124.50 rupees. 


On the puts side, selling pressure was observed at and below 19600 strikes. At this level, the premium fell by nearly 8% to 72 rupees. Also, the premium of 19500 strike price declined by nearly 10% to 52.75 rupees. 


Amid a tad sombre sentiment today, the October futures contracts of the Nifty 50 closed flat at 19842.05 points and open interest increased by 2.7% to 9.92 mln.



–Nifty 50 Oct closed at 19842.05, down 8.05 points; 48.05-point premium to spot index

–Nifty 50 Nov closed at 19962.00, down 3.75 points; 168.00-point premium to spot index

–Nifty 50 Dec closed at 20068.75, down 6.55 points; 274.75-point premium to spot index


Infosys, Tata Consultancy Services, HDFC Bank, Maruti Suzuki India, Reliance Industries, HCLTech, NMDC, Gail India, State Bank of India, ICICI Bank, Bajaj Finance, and Coal India were among the most actively traded underlying stocks today. End


Edited by Deepshikha Bhardwaj



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Source: Cogencis

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