Nifty future closed negative at 6002.7 levels - Anand Rathi

Nifty future closed negative at 6002.7 levels. Nifty future saw increase in OI by 3.11% with a fall in price by 1.38%. Market witnessed buying interest only in IT and Tech space whereas selling pressure was seen especially in Banking, CG, Metal, PSU, Power, Reality, Auto, Oil & Gas and FMCG sector stocks. Nifty future closed at premium of 12 points as compared to premium of 9 points in previous trading session.

The market turnover increased by 41.9% in terms of number of contracts traded vis-à-vis previous trading day whereas in terms of rupees increased by 39.4%.

Nifty future had a gap down opening and witnessed huge selling pressure on the back of weaker global cues coupled with RBI latest measures and closed over by 1.38%. Being July Expiry day volatility may remain intact in the markets and if Nifty future holds above 6020 levels then only some bounce back may be seen towards 6050-6080 levels, whereas if it fails to hold 5980 levels then profit booking may be seen towards 5950-5930 levels. Looking at the option concentration data for Aug Series, max put OI is concentrated at 5900 strike price whereas max call OI is at 6100 followed by 6000 strike price. Bank Nifty has given major break down and closed below crucial support area of 10800-10900 levels if it sustains above these levels then only pull back rally may be seen else selling pressure may remain continue towards 10500 or even below levels.

Put Call Ratio based on Open Interest of Nifty moved down from 1.38 to 1.29 levels. Historical Volatility of Nifty moved up from 20.81 to 21.23 levels but Implied Volatility moved down from 16.92 to 16.53 levels.

Source : Equity Bulls

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