The BSE Sensex jumped 440.13 points or 2.79% to settle at 16,232.54, its highest closing level since 30 September 2011. The index rose 356.56 points at the day's low of 16,148.97 in mid-afternoon trade. The index jumped 555.07 points at the day's high of 16,347.48 in morning trade. The S&P CNX Nifty jumped 136.75 points or 2.88% to settle at 4,888.05, its highest closing level since 30 September 2011. The Nifty hit a high of 4,922.60 in intraday trade. The Nifty hit a low of 4,861.20 in intraday trade. The market breadth was strong. On BSE, 1,818 shares rose and 981 fell and a total of 118 shares were unchanged. From 30-share Sensex pack, 28 stocks rose and only two declined.
FOR TODAY: Last week, significant addition of open interest in 4300 put along with at-the-money puts with increase in Implied Volatility (IV) indicating buying of puts was happening. However, on last Friday, unwinding in put with fall in IV and rising activities in 5200 strike (despite strong resistance of 5100-5150), indicating positive signal, and therefore, it is better not to form any short position for the time being.CORPORATE RESULT AND GLOBAL CUES WILL PLAY FOR THE COMING WEEK.
TODAY, WATCH 4880 LEVEL AND 4911 LEVEL. GO LONG ABOVE 4911 WHEREAS REVERSE THE TRADE BELOW 4880.
