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Shorting At Higher Levels Continues ToMark 5200 As Hurdle

17th May 2010 to 22nd May 2010

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WEEKLYDERIVATIVES REPORT

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R E S E A R C H
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Weekly Commodity Report1st March to 6th Mar 2010

R E S E A R C HR E S E A R C H

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Spot Nifty 5093.50 5018.05 +1.50

Volume 581569 709593 -18.04

Last week Nifty ended with gains of 1.50% on account of Bailout Package being announced by the Greece

Economy. The Nifty rebounded and covered some of its previous week's losses to end well above its 5000 mark

at 5093.50 levels. The Nifty touched its 5200 mark but could not sustain there. If we look onto the derivatives

desk we can see that the Nifty futures prices surged along with overall shredding of open interest and decline in

the cost of carry, this is an indication of some profit booking leaped in at higher levels. For the coming week

major Support for Nifty continues to exist at its 4980 Mark, a failure to sustain this mark can lead to furtherselling pressure in the markets and in that case the next Support is seen in the range of 4846/4750 whereas on

the upside Major Resistance continues to exist at 5212 levels, a crossover above this mark will only provide

some strength to the index and if that is surpasses decisively the rally may continue towards 5265/5300 levels.

Sentiment Indicator Nifty:

Nifty Futures May

Nifty CoC (%)

5083.65 5019.80 +1.27

-5.42 +0.64 -948.39

Open Interest 30670550 31495300 -2.61

Nifty Snap

Derivative Wrap - Nifty

14th May 2010 7th May 2010 %ChangeParticulars

Weekly Report Derivatives17th May to 22nd May 2010


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The Bank Nifty Index last week ended with gains of 3.37% at 9578.05 Mark. The index failed to cross its crucial

resistance mark of 9900 and reverted. The index after testing 9850 levels witnessed some selling pressure and

ended at 9589.05.Looking at the derivatives desk we can see that the Bank Nifty Futures prices surged along

with an overall addition of open interest but with decline in the cost of carry, this is an indication of short built

up at higher levels. For the coming week Bank Nifty Index Immediate Support is seen at its 9400 levels, a

decisive maintenance below this level can continue the selling pressure in it and the Next Supports are seen at

9240/8980 levels whereas Resistance is seen in the zone of 9700-9900.

Sentiment Indicator Bank Nifty:

Spot Bank Nifty

Bank Nifty Futures May

BankNifty CoC (%)

9573.80 9293.45 +3.01

-4.46 +3.41 -230.95

Open Interest 1187600 1049000 +13.21

Volume 67233 76327 -11.91

Bank Nifty Snap


9589.05 9276.10 +3.37

Derivative Wrap - Bank Nifty



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The CNX IT Index along with other indices also ended in the positive territory gaining nearly 2% at 5839.75

mark. The CNX IT Futures prices gained along with an overall addition of open interest but no change in the

cost of carry, this is an indication of some longs being built in it at lower levels. For the coming week CNX IT

Index continues to be in the sell zone until it surpasses its 5930/6060 levels on the upside whereas on the

downside supports are seen at 5700/5587 levels.

Sentiment Indicator CNX IT:


Spot CNX IT

CNX IT Futures May

CNX IT CoC (%)

5838.20 5724.25 +1.99

-0.74 -0.74 -

Open Interest 24800 24550 +1.01

Volume 514 259 +98.45

5839.75 5726.60 +1.97

CNX IT Snap

Derivative Wrap - CNX IT



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From the OI Concentration Chart (May Series) we can see that maximum addition of open interest on call

options continues to exist at 5200-5300 strike indicating it as a strong hurdle zone on the upside whereas on

the put options front we can see maximum 5000 strike indicating it as a good support on downside.

Options Snap



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