TECHNICAL REPORT - December 21, 2010: Angel Broking

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 The Nifty futures’ open interest increased by 4.43% while Minifty futures’ open interest increased marginally by 0.12% as market closed at 5947.05 levels.
 The Nifty Dec future closed at a premium of 12.00 points, against a premium of 18.05 points in the last trading session. On the other hand, Jan future closed at a premium of 36.25 points.
 The PCR-OI increased from 1.26 to1.29 points.
 The Implied volatility of At-the-money options increased from 16.50% to 18.00%.
 The total OI of the market is `1,53,605cr and the stock futures OI is `40,140cr.
 Few liquid counters where cost of carry is positive are BRFL, COREPROJEC, MRF, GTLINFRA, and BAJAJHIND.


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 FIIs formed some long positions in the Index futures and the stock futures. They were net sellers of `110cr in the cash market segment.
 Yesterday, a considerable build up was observed in the 5900 and 6000 call options, and in 5800 and 5900 put options.
 Continuous shorting was observed in RPOWER. We may see further negative move in the stock up to `137. Thus, any positive move can be used to form shorts, with a stop loss of `155.
 Although in the last trading session shorting has been witnessed in AXISBANK, stock has strong support around `1,250. We don’t expect significant correction from there. Thus, positional traders can form long around support with a stop loss of `1,225 for the target of `1,310.