The proposed bonus issue of Reliance Power and overseas cues saw the Indian bourses open higher Monday. Most of the Asian markets were trading higher today. Japan’s Nikkei was higher by 1.28 per cent, Hang Seng up 0.63 per cent, Taiwan’s TWI up 0.61 per cent and Singapore’s Straits Times up 0.46 per cent. Back home, Nifty February futures contract was at a discount of 18 points to the spot index. The contract opened at 5306.55, up 15.30 points from the previous close and was trading at 5255.70.
In trade so far, the near month touched a high of 5313.40 and low of 5232, a band of 81 points. Open interest was up 3.30 per cent and turnover at Rs 2,400.95 crore. The sell quantity in Nifty February was higher than buy, which shows bearish sentiment in the market. In stocks futures, highest turnover was seen in February contracts of Reliance Natural Resources (Rs 332.47 crore), Reliance Power (Rs 288.25 crore) and Reliance Energy (Rs 265.29 crore). Reliance Power Feb saw open interest rise by 5.63 per cent. The futures opened at Rs 407.40, and rose to a high of Rs 425.80. At 11:30 am, it was at Rs 414.75, up 7.81 per cent from the previous close. It was trading flat to the spot price.
In index options, Nifty February call with strike prices 5000 and 5100 were at premium of Rs 322 and Rs 245 respectively. Premium is the upfront payment made to book an option contract. The index option with strike price of 5300 saw the highest turnover of Rs 111.12 crore. In stock options, Reliance Power 400 call was at premium of Rs 27.40. Open interest in the option was down 4.27 per cent.
Turnover was Rs 26.13 crore. Nifty put option of 5400 strike price was at premium of Rs 248.15. The 5200 put saw the highest turnover of Rs 94.43 crore in index options. The index options hint at strong resistance for Nifty spot around 5400 and support at 5200 level. If the Nifty breaks the support of 5200, the next strong support is seen at 5100 level.
Source : http://economictimes.indiatimes.com
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