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Short covering takes Nifty past 10,700

Markets witnessed a volatile trading session before short covering in the second half of the session helped Nifty surge 121 points ending at 10,736.

HDFC Bank was the star performer surging 4.4%, contributing 47 points to the Nifty rally.

Nifty Bank witnessed a phenomenal surge in the May series gaining 7.78% with buying witnessed in all the frontline private sector banks.

Tracking the derivative data points, Nifty Futures and Nifty Bank Futures witnessed a surge in open interest to the tune of ~77 lakh and ~13.66 lakh shares in July contract, indicating an addition of long positions. 

 

On the options front, option writes had to run for cover, as Nifty witnessed a sharp surge in the last hour of trade. Nifty 10600CE and 10700CE witnessed a reduction of ~21 lakh shares and ~26 lakh shares respectively, while put writing was witnessed in all the major out of the strikes.

India Vix index ended the session 1.4% lower at 13.35.










Nifty


+121 points @ 10736


Bank Nifty


+628 points @ 26956


Top 2 F&O Gainer


RCOM, JUST DIAL


Top 2 F&O Loser


CG POWER, SUZLON


Most Active Index Option Contract


Call Option


10700CE, O.I:-30.08 lakh shares


Put Option


10650PE, O.I:+15.65 lakh shares


Nifty Max O.I Strikes


11000CE, 10600PE

Source

neallesh@yahoo.co.uk

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