Bears take the centre stage as RBI maintained a status quo– Wednesday closing report-The Total Investment & Insurance Solutions

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6 December  2017

 

Major Indices (The Total Investment & Insurance Solutions)

In today’s trade markets remained under selling pressure as fresh selling escalated after an announcement of the RBI credit policy.

Ajanta Pharma was the biggest loser in the trade, shedding ~5% in last one hour of trade. Nifty metal index continued to slide lower, ending ~2% in red. 

Market breadth favoured declines with ADV/DEC ratio closing at 1:2x.  Nifty closed at its two month low, losing 0.73% while Nifty Bank closed below 25000 mark for the first time since October 30. 

Nifty and Bank Nifty index future added fresh open interest to the tune of ~16.5/4.5 lakh shares, indicating a massive build-up of short positions.

Tracking the options front, Nifty Bank 25000PE saw an unwinding of 30% in open interest, indicating a covering of short positions while across the board writing was seen in major out of the money call option strikes.

India VIX continued to gain upward momentum, ending the day at 15.1 up 0.5%.The Total Investment & Insurance Solutions