Fri, May 16 09:20 PM
MUMBAI (Reuters) - The discount on benchmark stock index futures widened on Friday on cash-based buying and unwinding of long positions in the derivatives segment, analysts said on Friday.
"There was cash based buying on heavy weights like Steel Authority of India and Cairn India," said Siddharth Bhamre, investment strategist at Angel Broking.
The discount on the Nifty May futures to the 50-share NSE index widened to 5.4 points from 2.45 points on Thursday.
The 50-share NSE index ended 0.83 percent up at 5,157.70 points. The current month Nifty futures closed up about 0.7 percent at 5,152.30 points.
Analysts see resistance for the coming trading sessions at 5,200 points, and support at 4,900-5,000 points for the spot Nifty.
"Now the immediate resistance is at 5,200 levels as there was a significant amount of call open interest build up at 5,200 levels," said Sameer Shetye, analyst with Emkay Share and Stock Brokers.
The implied volatility (IV) has dropped from 27-28 percent levels to 21-22 percent levels over the past week, he said.
"Typically dropping of IV indicates a stable market," Shetye said.
Total derivative segment turnover on Friday slipped to about 378.8 billion rupees from 382 billion rupees the previous day.
TOP FIVE CONTRACTS BASED ON OPEN INTEREST
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COMPANY NAME RICs OPEN INT.
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IFCI Ltd 55171820
Reliance Petroleum Ltd 52471050
Ispat Industries Ltd 49194100
Tata Teleservices (Maharashtra) Ltd 40253400
Rel. Nat. Resources Ltd. 32040960
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TOP %AGE INCREASE IN OPEN INTEREST
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COMPANY NAME RICs CHG. %
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Chambal Fertilisers and Chemicals Ltd 76.78%
Brigade Enterprises 47.78%
Matrix Laboratories Ltd 29.31%
Nagarjuna Fertilisers & Chemicals Ltd 24.03%
Voltas Ltd 22.81%
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TOP %AGE DECREASE IN OPEN INTEREST
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COMPANY NAME RICs CHG. %
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CNX 100 MAY08 25.00%
United Phosphorous Ltd 18.97%
Aptech Ltd 18.96%
Sun TV Network Ltd 14.54%
Yes Bank 13.28%
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