Profit booking possible in later trades: Geojit

Market may open with an upside gap and may trade higher. Profit booking can be seen in the later part.

Geojit BNP Paribas Financial Services in its market outlook says that, the Nifty has resistance at 5142, 5153, 5160 and 5191. Support at 5112, 5092 and 5078.

FUTURES & OPTIONS STATUS

Extreme choppy session of trade with investors being much reluctant in booking profits on value buying seen at every dips making market breadth positive throughout the day closing on a flat note for Sensex and Nifty. Volume was pretty low from previous two sessions with markets getting on a consolidation mode after a spike of nearly 200 points from previous week’s close.

Nifty Futures closed at a discount of 4.25 points against Spot Nifty and sheds 1.04 lakhs open interest on unwinding of long built ups in previous sessions. Total turnover drops by 6.50% to Rs.56715.28 crores with Nifty PC ratio at 1.64, with continuation of buying interest in Nifty puts of 5100, 5000, 4900 and 4800 along with buying interest in 5200 and 5100 call. 5200 call saw buying interest, followed by 5000 put adding 4.28 lakhs open interest. It was followed by 5100 put that added 4.83 lakhs open interest. 5300 call adds in 4.22 lakhs open interest.

On the most active Stock Futures, Tata Motors added 8.78 lakhs open interest with negative cost of carry on fresh short built up seen in the second half. Tata Steel adds 3.59 lakhs open interest with mixed trend, having short build on majority side. ICICI Bank sheds 3.83 lakhs open interest with negative cost of carry on unwinding of long built up, turning cot of carry towards negative region. DLF sheds 13.54 lakhs open interest with short covering in the second part. It was followed by Reliance that sheds 1.35 lakhs open interest. JSW Steel adds 5.80 lakhs open interest, while SBI saw minor profit booking after its surge in the second half of the day.