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					                                                                                A Research Product of Karvy Derivatives Desk

19 Dec 2011 to 25 Dec 2011                                                                                                                                                                        Volume 5 : Issue 51
                                                                                                                                                              visit us at http://www.karvy.com/market/docs/trade_winds.pdf

                 Market Snapshot                                Domestic uncertainties play on markets
                                     16-Dec           09-Dec    Although risks associated with the Euro-zone continue to linger, leading to heightened global
Nifty                                 4651.6           4866.7   uncertainty, some key domestic headwinds are also playing out, sending Indian markets in a
Sensex                              15491.35         16213.46   tizzy! The October IIP growth (-5.1%) came as a shock for investors last week, with even the
NSE F&O turnover                    182602.4         139747.9   “consumption” story proving to be a disappointment. Moreover, growth in the capital goods
Market OI                            113578           109433
                                                                sector continued to plummet for the month; needless to say, many capital goods stocks today are
Avg market CoC (%)                     -1.41             0.61
PC Ratio of OI                          0.95             1.13   near its 2008 lows! More importantly, the dismal IIP growth underlined the prevailing economic
PC Ratio of Vol                         0.91             0.98   slowdown in the country, raising investor hopes of an end to the monetary tightening cycle.
(* Turnover & Open Interest (OI) in Rs. crore)
                                                                Food inflation continued to decline sharply, registering 4.35% levels for the week-ended
               Market Open Interest                             December 3, 2011. Despite the structural problems plaguing food prices, the bumper kharif
(Rs. crore)                           16-Dec          09-Dec    crop and the optimism related to robust rabi yields in the current season have led to easing
Index Futures                          14456           13132    inflationary pressures. Moreover, the statistical high-base effect has begun to take hold,
Index Options                          67631           64669    which should see food inflation easing further in the coming months. That said, the high-
Stock Futures                          25511           26693
Stock Options                            5981            4938
                                                                base effect is expected to play out only for the next 2-3 months, after which food inflation is
                                                                once again likely to take the northward route. And non-food inflation may only add to the
                                                                overall inflationary woes, given headwinds that include elevated crude prices, sharp rupee
                    C o n t e n t s
                                                                depreciation, deterioration of government finances, and policy inaction and lack of reforms
    From the Editor’s desk                       :     1        forcing FIIs to the nearest exit.
                                                                The negative IIP, slowing GDP, and easing inflation prompted the RBI to pause at its mid-
    The week that was...                         :     2
                                                                quarter monetary policy review on Friday. However, with sufficient domestic headwinds going
    Index nuggets                                :     3        forward, which are comfortably getting added to the list of global ones, the central bank did
    F&O strategy                                                not accommodate the growing clamor in the market for a CRR cut. And many economists
                                                                reckon that it may take another 4-5 months before the RBI finally moves for a rate cut.
        Liquid futures & options                 :     4
                                                                Last week, all sectors closed in the red, with major declines in sugar, consumer durables and
        Mid-cap futures                          :     4
                                                                capital goods. The FIIs have been net sellers of equity worth Rs1,091.0 crore over the last
        Hybrid strategy                          :     4        four trading sessions. This week, long positions can be assumed in FMCG, cement, pharma
        Pair strategy                            :     4
                                                                and software from lower supports of 4,500-4,550. Short positions can be assumed in energy,
                                                                telecom, BFSI, metals, capital goods and realty from current levels or from higher levels of
    SGX Nifty monitor                            :     5        4,750-4,800. Overall, the Nifty is expected to trade in a range of 4,500-4,800 this week.
    Sensex futures round-up                      :     5                                                              Sectoral snapshot (Week on Week)
                                                                                                                                                                                                   S o f t w a re S e rv ic e s
    Markets at a glance                          :     5                                                                                                                                                             P h a rm a
                                                                                                                                                                                                                      FM CG
    Datatron                                     :     6                                                                                                                                Cem ent
                                                                                                                                                                                    N if t y
                                                                                                                                                                             U t ilit ie s

 Editor : Satyan Nair                                                                                                                                                         A uto
                                                                                                                                                                       E n e rg y
                                                                                                                                                     F in a n c ia l S e rv ic e s
 Deputy Editors: Kalyan C Reddy, JK Jain                                                                                                        M e t a ls a n d M in in g
                                                                                                                                                             Te le c o m
                                                                                                                                               B a n kin g
 Research & Editorial: Karan Bhalla, Devendra                                                                                In f ra s t ru c t u re
                                                                                                                        R e a lt y
 Gaur, Arun Valliappan                                                                               C a p it a l G o o d s
                                                                                     C o n s u m e r D u ra b le s
                                                                                     S ug ar
 Production: Vijayendra Kumar Ch, Raju A
                                                                 -1 6 . 0 0 %     -1 4 . 0 0 %        -1 2 . 0 0 %        -1 0 . 0 0 %          -8 . 0 0 %          -6 . 0 0 %           -4 . 0 0 %          -2 . 0 0 %           0.00%




             Karvy F&O Research is also available on Bloomberg, Reuters, Thomson First Call and Capital IQ                                                                                                                    - 01 -
                                                          The Week That Was...
Global markets...                                                             sellers of equity worth Rs1,383.10 crore in the last five trading sessions
Global markets traded in the red as risk-off trade set in, with equities as   closing Thursday. During the week, the Nifty opened at its highest
well as currencies witnessing a sell-off. As of Thursday’s close, the Dow     level of 4,900 and drifted swiftly downward to close at 4,651.60, down
Jones Industrial Average (DJIA) closed a tad below the 11,900 mark.           4.42% W/W. The Sensex closed at 15,491.35, down 4.45% W/W.
The Index now faces stiff resistance near the 12,000-12,250 zone. The         In its mid-quarter monetary policy review on Friday, the RBI finally
FTSE 100 also declined sharply to sub-5,400 levels before managing            decided to focus more on growth by pausing the rate hikes and hinting
to recover in the last session. The CBOE VIX, also known as the fear          at a trend reversal in the rate cycle. The central bank also refrained
gauge, settled below the 30% level, at 25.11% as of Thursday.                 from cutting the cash reserve ratio (CRR) despite tight liquidity in the
In economic news, US Federal Reserve chairman Ben Bernanke                    system. The repo rate has been left steady at 8.5%. The central bank
indicated his concern that the European debt crisis would hamper his          kept its end-March 2012 inflation forecast unchanged at 7%.
country’s two-and-a-half year expansion, saying that the central bank         From an economic perspective, inflation fell to 9.11% in November,
is prepared to provide further easing, if needed. The Fed left interest       its lowest in a year, from 9.73% in October. The IIP fell 5.1% Y/Y,
rates unchanged at 0.25%.                                                     the lowest since February 2009. On Q3 advance tax numbers, it was a
In macroeconomic data points from the US, advance retail sales                mixed bag. According to Central Board of Direct Taxes (CBDT), the
grew less than forecast by 0.2%. On the jobs front, there was good            net direct tax collection in 2011-12 is expected to be around Rs5,00,000
news as initial jobless claims fell to a three-year low of 366,000,           crore, against the Budget target of Rs5,32,651 crore, a possible
while the previous reading was revised upward to 385,000. However,            Rs25,000-crore shortfall. The CBDT has stated that initial indication
continuing claims rose to 3.6 million. Meanwhile, industrial production       of direct tax mop-up in December was itself not encouraging.
unexpectedly declined by 0.2% whereas economists had forecast a
                                                                              The RBI took steps to arrest the free fall of the rupee after it hit a new
gain of 0.1%. On the other hand, the Philadelphia Fed reading came
                                                                              record-low. The new currency rules include reducing the net amount
in at 10.3, against expectations of 5. In the UK, the unemployment
                                                                              of US dollar-versus-rupee trade so that authorized foreign-exchange
rate remained unchanged at 8.3%. In Germany, manufacturing activity
                                                                              dealers can hold on their books. Another measure from the central
picked up but at a slow pace as PMI manufacturing came in at 48.1
                                                                              bank is to limit the amount of currency hedging by importers, who
vs. 47.9, with a reading below 50 indicating contraction.
                                                                              typically buy dollars.
Domestic markets...                                                           From a stock-specific perspective, SBI is likely to get an equity
Domestic markets broke the major support level of 4,700 and                   infusion of Rs3,000-4,000 crore within the fiscal year, Chairman
registered its new low for 2011. It also closed at its two-year low despite   Pratip Chaudhuri said. Meanwhile, with KG-D6 gas output lagging
the RBI leaving all key policy rates unchanged. All sectors ended             its target by over 30%, the Oil Ministry is taking “scrupulous” action
the week on a bearish note, with major declines registered in sugar,          against Reliance Industries, based on the advice of the Solicitor
consumer durables and capital goods sector. The FIIs remained net             General of India.

                                                         Events/indicators for the week

                           Food Articles WPI (India)                      -   Thursday, December 22, 2011
                           Initial Jobless Claims (US)                    -   Thursday, December 22, 2011
                           Continuing Claims (US)                         -   Thursday, December 22, 2011
                           GDP (Q-o-Q) (US)                               -   Thursday, December 22, 2011 (Survey: 2%)
                           Personal Consumption (US)                      -   Thursday, December 22, 2011 (Survey: 2.3%)
                           Leading Indicators (US)                        -   Thursday, December 22, 2011 (Survey: 0.3%)
                           GDP (Q-o-Q) (UK)                               -   Thursday, December 22, 2011 (Survey: 0.5%)
                           Personal Income (US)                           -   Friday, December 23, 2011 (Survey: 0.3%)
                           Personal Spending (US)                         -   Friday, December 23, 2011 (Survey: 0.3%)

                                                                                                                       - Karan Bhalla and Arun Valliappan

            Karvy F&O Research is also available on Bloomberg, Reuters, Thomson First Call and Capital IQ                                       - 02 -
                                                                               Index Nuggets
Amid a spate of domestic events, the domestic indices ended the week                       indicating broad-based short positions. The Nifty open interest was
on a painful note. The volatility saw a sharp rise due to significant                       Rs14,456 crore for futures and Rs67,631 crore for options. The open
declines. The week began on a flat note around 4,900 levels before                          interest for stock futures was Rs25,511 crore and Rs5,981 crore for
the Index began its steep decline. The weak IIP data intensified the                        stock options. The basis shifted from a premium to a discount on
selling pressure on Monday, as the Nifty tested the 4,750 mark. The                        Friday. The December contract closed the week at a discount of 8.45
following day saw the Nifty finding support around 4,700 levels before                      points, whereas January closed at a premium of 12.90 points.
clawing back above 4,800 levels. The October inflation, announced
                                                                                           The put-call ratio of open interest dropped throughout the week to
Wednesday, saw a marginal decline, leading to expectations of a pause
from the RBI monetary policy. Despite significant depreciation of                           close at 0.95. Currently, the highest concentration of open interest
the rupee, key policy rates were left unchanged on Friday, but even                        in the December series has shifted to the 5,100-strike call from the
dovish statements by the RBI of ending the interest rate cycle failed                      4,700-strike put, with open interest of more than 78 lakh and 69
to cheer the markets. There was carnage in the second half of Friday,                      lakh shares, respectively. The 4,500 and 4,600 put-option strikes have
with the Nifty falling sharply to close at a two-year low and a loss of                    more than 63 lakh and 55 lakh shares in open interest, respectively.
4.42% W/W.                                                                                 The 5,000-strike and 5,200-strike call options have open interest of
                                      Futures status                                       above 66 lakh and 59 lakh shares, respectively. It is closely followed
Contract   Futures      % Chg                OI       % Chg             CoC      CoC       by the 4,900 strike, with open interest of more than 56 lakh shares.
                        (price)          (`. cr.)   W/W (OI)        (16-Dec) (09-Dec)      The implied volatility (IV) of call options closed at 24.98% for the
Dec         4643.15           -4.97     9976.02             3.22         -5.10      7.20   week, whereas it was 31.25% for puts.
Jan         4664.50           -5.27     1613.80            66.90          2.53      6.97
                                                                                           Bank Nifty
                              Options OI Concentration                                     The Bank Nifty ended on a negative note, declining 7.25% W/W,
                                                                                           and underperforming the broader markets towards the weekend.
                                                                                  5400     On the F&O front, the Index shed 1.65% in open interest on Friday
                                                                                  5300     and added 18.33% W/W, on the back of decreasing cost-of-carry,
                                                                   Tho us and s   5200
                                                                                           indicating closure of long positions and fresh addition of short
                                                                                           positions on Friday. The Bank Nifty has support around 8,000 and
                                                                                  5100
                                                                                           7,800 levels and is likely to face stiff resistance around 8,200 and 8,350
                                                                                  5000
                                                                                           levels for the week.
                                                                                  4900
                                                                                           Our take
                                                                                  4800
                                                                                           The market is expected to remain in the broad range of 4,500-4,800
                                                                                  4700
                                                                                           in the near term. If the Index manages to climb and sustain past the
                                                                                  4600     4,700 mark, it could gradually inch up towards 4,800 levels on the
            P ut      C all                                                       4500     back of short-covering. Alternately, a failure to sustain above the
                                                                                  4400     4,700 mark will induce further selling pressure, thereby dragging the
                                                                                           Nifty down immediately to lower supports of 4,600 levels and 4,500
  8000     6000    4000         2000        0       2000     4000       6000
                                                                                           levels in due course.

Technically, the Nifty declined below all the moving averages,                             Nifty
showcasing extreme weakness. The 14-day RSI continued its sell signal,                     Sell Nifty December futures below 4,640* average: 4,750 * stop
while the MACD line also trended lower, indicating that negative                           loss: 4,800 * target: 4,550, 4,500 * (*spot levels)
sentiment is likely to prevail for a prolonged period. Meanwhile, global
factors will continue to play an influential role, and, although the trend                  Nifty strategy
remains negative, dead-cat bounces cannot be completely ruled out.                         Bear Put Spread: Buy 4600 PE @ 85-90 and Sell 4500 PE @ 50-
                                                                                           55. Max Profits: 1750 and Max Loss: 3250. BEP: 4565
The overall market open interest rose to Rs1,13,579 crore by Friday.
The Nifty added 5.88% in open interest on Friday and 15.63% W/W,                           Nifty options
on the back of declining cost-of-carry, implying addition of short                         Symbol       Recomm       Entry      Stop Loss     Target    Time Frame
positions. The overall market added 0.26% on Friday and 2.17% W/                           Dec4600P     Long         75-80     4750 (Spot)   108-110    1 Week
W in open interest on the back of declining cost-of-carry of -1.41%,                       Dec4800C     Short        40-45     4750 (Spot)     20-22    1 Week
                                                                                                                                                   - Kalyan C. Reddy

            Karvy F&O Research is also available on Bloomberg, Reuters, Thomson First Call and Capital IQ                                                   - 03 -
                                                                                  F&O Strategy
                   Liquid futures & options                                                                               Mid-cap futures
For the week, we have picked liquid futures from automobiles,                                    For the week, we recommend assuming long positions in cement and
BFSI, energy, realty, metals & mining, telecom, FMCG and capital                                 software. Meanwhile, fresh short positions can be assumed in BFSI
goods sectors. Long positions can be assumed in FMCG, cement,                                    and capital goods stocks.
pharma and software from lower supports at 4,500-4,550. Short                                                                    Recommendations

positions can be assumed in energy, telecom, BFSI, metals, capital                               Symbol          Expiry   Action        Entry        SL     Target    TF
goods and realty from current levels or from any rises at 4,750-4,800                            Ultra Cement    Dec      Long       1128-1130     1,115 1160, 1185   6-7 Days
levels. On the options front, at-the-money December call options of                              Hexaware        Dec      Long           80-81     78.50     85, 87   7-8 Days
FMCG and software stocks like Hindustan Unilever and TCS can                                     Andhra Bank     Dec      Short          92-93       95      87, 85   5-6 Days
be bought at current levels, while out-of-the-money December call                                APIL            Dec      Short        322-325      335    300, 290   6-7 Days
options of telecom and metals stocks like Bharti and Tata Steel can                                                                                                   - J. K. Jain
be written from higher levels. Among other stocks, short positions
can be assumed in ICICI Bank and L&T at-the-money December                                                                        Strategy
call options.                                                                                    Hybrid strategy
                                 Recommendations
                                                                                                 Protective Call in Axis Bank: Axis Bank futures saw fresh addition
Symbol            Expiry     Action            Entry         SL         Target         TF
                                                                                                 of short positions in the last session as the stock added 21.86%
Reliance          Dec        Short       Below 715           740       690, 660        1 Week
                                                                                                 in open interest with a decrease in cost-of-carry from -22% to -
ICICI Bank        Dec        Short            742-745        765       710, 695        1 Week    58.4%. On the options front, the 900-strike put option has marginal
Tata Steel        Dec        Short            365-370        390       350, 335        1 Week    open interest with 46,500 shares in open interest. In call options,
BHEL              Dec        Short            245-248        260       230, 225        1 Week    the highest accumulation is in the 1000 strike with 3,59,000 shares.
L&T               Dec        Short       1075-1080        1110       1020, 1000        1 Week    The high accumulation of shorts in the futures segment along with
Bharti            Dec        Short            338-340        352       325, 315        1 Week    marginal activity in puts points to further downsides ahead. Hence,
Rel Infra         Dec        Short            350-352        365       332, 310        1 Week    we recommend a protective call strategy in the stock.
Hind Unilever     Dec        Long             383-385        378       400, 410        1 Week
                                                                                                 Sell one Axis Bank Dec futures @ 885-888 and buy Dec 900 CE
Ambuja            Dec        Long             149-150        147       156, 161        1 Week
                                                                                                 @ 20; BEP: 875; max profit: unlimited if stock remains below
TCS               Dec        Long      Above 1155         1130       1180, 1195        1 Week    880; max loss: Rs8,250 if stock expires at 900.
                                       Best buys
Symbol           Option              Entry              SL         Target         TF
                                                                                                 Bear Put in L&T: L&T futures saw addition of short positions in
                                                                                                 the last session as it added 6.94% in open interest with an increase
TCS              Dec 1150C           24-25              15          44-45          6-7 Days
                                                                                                 in cost-of-carry from 11.04% to 13.6%. On the options front, the
Hind Unilever Dec 400C                2.5-3              1           9-10          5-6 Days
                                                                                                 1200-strike call option saw addition of short positions while the
Axis Bank        Dec 900P            32-34              20          58-60          5-6 Days      1100-strike put saw addition of longs, indicative of further downside
                                Writing attractions
                                                                                                 from current levels.
Symbol           Option              Entry         SL*             Target     TF                 Buy one L&T Dec 1100 PE @ 60 and sell one Dec 1050 PE @
ICICI Bank       Dec 720C             7.5-8         720                 -     Expiry             30; BEP: 1070; max profit: Rs5,000 if stock remains below 1050;
Bharti           Dec 360C              3-4          360                 -     Expiry             max loss: Rs7,500 if stock expires above 1100.
Tata Steel       Dec 380C             7.5-8         380                 -     Expiry
                                                                                                 Pair strategy
* Spot levels
                                                                                                 Cipla and Lupin: Cipla and Lupin have seen correlated movements
             Liquid futures & options update                                                     in the past, with rolling-price correlation of 60% in the last one-
                                                                                                 year data-set. Cipla had outperformed Lupin in the recent past. The
An investment of Rs5 Lakh in Liquid Futures & Options on                                         current price ratio of Cipla and Lupin is 0.78. The ratio is currently
Novemober 25, 2011 would become Rs4,76,650. This would translate                                 trading around the lower band; we believe that it is likely to divert
into a return of -4.67% in a span of 24 days.                                                    further from mean levels. The mean price ratio is 0.66 and the current
                                                                                                 price ratio is 98 percentile away from the mean ratio. There is a high
                               Weekly performance                                                probability of divergence between the stocks from current levels.
Opening         Closing     Profit/Loss               ROI           No. of   Success rate
balance         balance           (Rs.)         (weekly%)            call           (%)          Buy Cipla one lot Dec futures and 300 shares @ 328-332 and sell
                                                                                                 two lots of Lupin Dec futures @ 430-432; current price ratio:
4,95,900        4,76,650        -19,250                 -3.88          20                   50
                                                                                                 0.78; Target: 0.90 and 0.94; SL: 0.66.
                                                                                  - - J.K.Jain
                                                                                    J. K. Jain                                                                        - J. K. Jain

                Karvy F&O Research is also available on Bloomberg, Reuters, Thomson First Call and Capital IQ                                                          - 04 -
                                                        SGX Nifty Monitor                                                                                                                                                                                          Sensex Futures Round-up

                                                 VOLUME                                                 Open Interest                                                       Nifty Spot
  300000                                                                                                                                                                                                                  6200
  270000                                                                                                                                                                                                                  6000
  240000
                                                                                                                                                                                                                          5800
  210000
  180000                                                                                                                                                                                                                  5600

  150000                                                                                                                                                                                                                  5400
  120000                                                                                                                                                                                                                  5200
   90000
                                                                                                                                                                                                                          5000
   60000
   30000                                                                                                                                                                                                                  4800
                                                                                                                                                                                                                                      The Sensex closed in the red with a loss of 4.45% over the week. It has
        0                                                                                                                                                                                                                 4600
                                                                                                                                                                                                                                      crucial supports placed at 15,000 and 14,700 levels for the week while
                                                   17-Mar




                                                                                                                                                                                              10-Nov

                                                                                                                                                                                                       28-Nov
                                                                                                                                                                            4-Oct

                                                                                                                                                                                     21-Oct
                     20-Jan




                                                                     22-Apr




                                                                                                          16-Jun




                                                                                                                                            10-Aug

                                                                                                                                                       29-Aug
                              9-Feb




                                                            5-Apr



                                                                                  11-May
            3-Jan




                                                                                              30-May



                                                                                                                      5-Jul

                                                                                                                                 22-Jul




                                                                                                                                                                                                                 15-Dec
                                        28-Feb




                                                                                                                                                                  15-Sep




                                                                                                                                                                                                                                      resistances are placed at 15,700 and 15,900 levels.
                                                                                                                                                                                                                                                    For more details, please contact kalyanc@karvy.com

                                                                                                                                                                                              Markets at a Glance
                                                                     Top 10 OI gainers (weekly)                                                                                                                                                                                               Top 10 OI losers (weekly)
Stock                                                                    OI                            CoC (%)                                   OI Chg (%)                                     Trading View                           Stock                                                       OI                CoC (%)                     OI Chg (%)                           Trading View
BIOCON                                                          965000                                                19.29                                                70.49                                Short                  GLAXO                                                 7375                        -22.12                                   -43.81                             Short
IBREALEST                                               17592000                                                      11.91                                                59.35                                Short                  MPHASIS                                             436500                        -41.75                                   -26.58                             Short
BOSCHLTD                                                            5875                                                 9.51                                              46.88                                Short                  AUROPHARMA                                    2836000                             -15.69                                   -25.45                             Short
IVRCLINFRA                                              14332000                                                         9.18                                              46.24                                Short                  PETRONET                                      2454000                                 -7.88                                -22.68                             Short
ESSAROIL                                                    7342000                                                -32.34                                                  37.65                                Short                  ONMOBILE                                      1394000                                  8.71                                -20.98                             Short
GRASIM                                                          746625                                             -34.00                                                  37.63                                Long                   IOB                                                 814000                             4.96                                -18.11                             Short
AXISBANK                                                    8827750                                                -58.39                                                  35.54                                Short                  ACC                                                 818500                             2.86                                -18.07                             Long
PUNJLLOYD                                               35524000                                               -185.55                                                     34.85                                Short                  POWERGRID                                     5660000                                 -5.72                                -18.02                             Long
SINTEX                                                      8958000                                                      6.68                                              28.08                                Short                  CUMMINSIND                                          254000                             6.31                                -17.67                             Long
ASIANPAINT                                                      222125                                                   2.90                                              27.84                                Long                   ITC                                         18028000                                  -0.72                                -17.65                             Long

                                                                    FII derivatives over the week                                                                                                                                                                                                     Sector OI Change
 Date                         Index Futures                                          Index Options                                                     Stock Futures Stock Options                                                    Sector                  OI                   % Sector                               OI                    %                 Sector                 OI                      %
                                   Net                          OI                         Net                                OI                        Net                           OI                  Net                    OI                      Shr (Cr)                 Chg                                Shr (Cr)                  Chg                                  Shr (Cr)                    Chg
                                                                                                                                                                                                                                      Auto         11.01 4.39 Fertilizers 0.84                                                                  0.85              Realty    12.15                               8.44
12-Dec-11 -235.31 488081 -1466.53 1990885                                                                                                            12.57 1119283                                     -0.78 38323
                                                                                                                                                                                                                                      BFSI         26.69 1.88 FMCG         9.17                                                                -6.34              Software 6.89                                -2.05
13-Dec-11 -507.62 485951                                                                   1.55 1998375                                              49.87 1138432                                       7.53 39130                   Cap Goods    16.14 11.41 Infra      20.59                                                                 2.67              Sugar      7.15                               5.73
                                                                                                                                                                                                                                      Cement        1.76 -2.69 Media       2.20                                                                 2.85              Telecom    9.37                               0.13
14-Dec-11 -310.75 518478                                                      127.14 2038596                                                     -23.11 1136185                                        16.63 41454
                                                                                                                                                                                                                                      Consumer Dur 13.25 3.03 Metals      15.80                                                                 1.12              Utilities 16.02                              -5.86
15-Dec-11 -697.97 549992                                                      377.67 2066372                                                         -6.48 1158442                                     20.27 43492                    Energy        6.16 1.56 Pharma       2.65                                                                -3.42
                                                                                                       PCR OI                                                                                                                                                                                        Nifty VIX (weekly)

                                                                         PCR OI                                           Nifty Spot                                                                                                                                                           NSE VIX                                                      8-DMA
 2.60                                                                                                                                                                                                                     6500          40.00
                                                 PC R O I h ad d ro pped all th rough th e                                                                                                                                6000
                                                                                                                                                                                                                                        35.00                                N if ty     V IX     ha d      c on s o lid a ted
                                                 w eek .
 2.10                                                                                                                                                                                                                     5500                                               d u ring la s t we e k . It is tra d ing
                                                                                                                                                                                                                                        30.00                                a b o ve      its 8 -d a y E M A            and
                                                                                                                                                                                                                          5000                                               e x p e c te d to ris e f u rth e r.
 1.60                                                                                                                                                                                                                     4500          25.00
                                                                                                                                                                                                                          4000
                                                                                                                                                                                                                                        20.00
 1.10                                                                                                                                                                                                                     3500
                                                                                                                                                                                                                                        15.00
                                                                                                                                                                                                                          3000
 0.60                                                                                                                                                                                                                     2500          10.00
                                                                                                                                                                                                                                                        20-Jan




                                                                                                                                                                                                                                                                                                            17-May




                                                                                                                                                                                                                                                                                                                                                                                                      24-Nov
                                                                                                                                                                                                                                                                                                                     3-Jun




                                                                                                                                                                                                                                                                                                                                                         17-Aug




                                                                                                                                                                                                                                                                                                                                                                                    14-Oct
                                                                                                                                                                                                                                                                 9-Feb




                                                                                                                                                                                                                                                                                                                                      11-Jul
                                                                                                                                                                                                                                                                                                                                                28-Jul
                                                                                                                                                                                                                                                3-Jan




                                                                                                                                                                                                                                                                                                                                                                  7-Sep




                                                                                                                                                                                                                                                                                                                                                                                                               14-Dec
                                                                                                                                                                                                                                                                                  18-Mar




                                                                                                                                                                                                                                                                                                                             22-Jun




                                                                                                                                                                                                                                                                                                                                                                                             3-Nov
                                                                                                                                                                                                                                                                                           6-Apr
                                                                                                                                                                                                                                                                         28-Feb




                                                                                                                                                                                                                                                                                                                                                                           26-Sep
                                                                                                                                                                                                                                                                                                   28-Apr
                                                       21-Jun




                                                                                                                        18-Jun
                                   16-Feb




                                                                                                 18-Feb




                                                                                                                                                                                              5-Aug
                                                                                                                                                                                                       7-Oct
                                             23-Apr




                                                                                                             22-Apr




                                                                                                                                                                                      9-Jun
        12-Aug
                 14-Oct




                                                                19-Aug
                                                                         20-Oct




                                                                                                                                   16-Aug
                                                                                                                                              12-Oct


                                                                                                                                                                   9-Feb
                          16-Dec




                                                                                     17-Dec




                                                                                                                                                         10-Dec




                                                                                                                                                                                                                 12-Dec
                                                                                                                                                                             8-Apr




                                                                                                                                                                                                                                                                                                                                                                          (Compiled by Research Desk)

                          Karvy F&O Research is also available on Bloomberg, Reuters, Thomson First Call and Capital IQ                                                                                                                                                                                                                                                                              - 05 -
                                                                                                         Datatron
Symbol                               Avg. Vol                   Price                  Price              OI                MaxOI           % Chg. OI             % Chg. OI                 CoC                CoC            Delivery
                                  (Contracts)                   (Rs.)                  (Rs.)          (Rs.Cr)               (Rs.Cr)                              (Inception)                (%)                (%)            Avg. (%)
                                              16-Dec                                09-Dec             16-Dec                                  09-Dec               24-Nov              16-Dec             09-Dec                 Spot
NIFTY                          549502         4651.60                               4866.70             11590                 26634              15.63               -21.62               -5.10               7.20                    -
BANKNIFTY                       91245         8171.90                               8811.10               1813                 3978              18.33                16.45              -11.03               6.66                    -
MINIFTY                         78783         4651.60                               4866.70                693                 1329              23.42                28.03               -5.13               7.69                    -
SBIN                            46070         1679.10                               1865.55               1555                 2135              10.89                83.21              -15.38              -6.55                23.54
ICICIBANK                       32110          676.00                                731.15                829                 2394              -1.52                10.84               -7.27               7.86                47.43
RELIANCE                        25507          721.85                                755.70                883                 5561              -7.28               -42.55                9.92              13.77                42.35
AXISBANK                        19571          904.05                                991.90                778                 1007              35.54               211.93              -58.39               8.19                36.04
TATAMOTORS                      17788          172.40                                183.00                686                 1730              -3.16               270.74               -4.89               6.48                33.60
TATASTEEL                       17445          364.95                                397.55                770                 1783               8.73                  8.12             -13.46               1.38                21.03
LT                              17011         1072.65                               1226.85                637                 1826              22.31               132.81               13.61              13.61                38.77
INFY                            13558         2724.50                               2710.30                735                 1854               4.98               -11.97               -1.96               3.54                50.43
DLF                             12530          194.95                                213.85                432                 1083               1.88                47.12               -8.64               4.27                14.04
HINDALCO                        11896          125.90                                132.15                229                  993              -2.35                  6.09              -8.92               5.52                30.16
HDFCBANK                        10782          415.30                                443.75                601                 1256               0.72               589.68               11.49              14.39                64.38
TCS                              9157         1146.30                               1172.40                692                  767              -0.55                59.15                2.82              -1.25                55.86
JSWSTEEL                         8343          509.50                                586.30                410                  850               0.85               115.29                0.83              11.36                10.08
BHARTIARTL                       8278          336.55                                358.70                421                 1290              -3.02               -19.47                1.67              14.25                52.47
TITAN                            8143          161.50                                185.10                208                  418              15.49              1793.33                6.08               9.86                23.34
JPASSOCIAT                       7593           59.10                                 63.35                219                 1782               5.08                 -4.14               0.00              12.96                24.90
BHEL                             6613          240.40                                263.75                291                  890               8.79               288.54              -16.93               1.04                44.79
IDFC                             6366          104.45                                109.65                292                 1177               8.77                20.66              -10.75               9.15                38.38
M&M                              6264          660.05                                703.25                275                  838              -6.87               -33.91                4.04              13.23                53.40
PANTALOONR                       6209          139.65                                181.55                 98                  254              -6.50               149.82                3.02              15.08                11.57
RELCAPITAL                       5959          247.05                                294.10                132                 1866              -5.26               -44.40                6.25               5.27                23.72
HDFC                             5719          626.35                                655.40                500                  771               9.63                14.29               -9.86               6.27                69.86
HDIL                             5285           56.20                                 59.75                122                  822              -9.98                 -5.81               5.00               7.64                31.81
YESBANK                          4953          256.50                                286.55                138                  331              22.91                11.35                6.02               7.96                42.31
STER                             4847           89.20                                101.30                259                 1562               3.13                91.32               15.74              15.31                41.29
JINDALSTEL                       4605          516.95                                532.15                234                 1454              12.15               -18.28              -14.12              -1.03                42.11
RCOM                             4418           66.95                                 76.05                156                 3413              10.27               -36.49                6.29              12.00                19.07
ITC                              4351          195.80                                197.15                353                  836             -17.65               -12.82               -0.72               8.33                62.69
HEROMOTOCO                       4201         1925.70                               2033.40                199                  852              -6.04               -62.13               -5.39               7.76                35.84
EDUCOMP                          4074          180.95                                202.90                 37                  360               8.69               -46.99               -3.10               0.00                14.22
WIPRO                            4071          403.65                                404.95                145                  462               6.46               -20.70               -5.91               3.38                57.11
LICHSGFIN                        4035          215.20                                228.95                381                  533              -1.73               331.65              -16.96              -5.18                39.88
KOTAKBANK                        3823          481.55                                488.90                236                  571              23.78                58.88              -28.28               1.12                46.49
RELINFRA                         3782          349.50                                387.90                143                 3714              -8.17               -51.79               -2.01              13.17                35.80
RANBAXY                          3736          382.65                                415.95                162                  888              -7.88                 -5.54              -2.20              10.53                35.89
IFCI                             3400           20.85                                 24.25                113                 1328              -5.84               -35.66               13.47               7.53                16.27
SAIL                             3366           74.75                                 83.00                125                 1173             -10.72                76.47                1.88              13.19                46.27
HINDUNILVR                       3365          392.80                                385.70                335                  831              -7.91               -40.58               -2.50              12.07                48.98
PFC                              3101          150.65                                162.45                132                  518              -9.15              1062.68                9.32              14.04                40.05
SESAGOA                          3092          162.05                                174.60                152                  978               5.45               -28.30               -6.06              13.07                25.11
IDEA                             3009           84.00                                 86.35                129                  486              -5.54                13.05                0.00               6.34                43.49
PNB                              2925          828.65                                927.00                317                  497               7.63               179.69              -33.37             -18.31                54.26
BANKBARODA                       2769          704.25                                726.10                165                  303              -9.26                35.06              -12.16               8.67                34.68
IBREALEST                        2752           47.15                                 53.15                 83                  484              59.35               -27.52               11.91              15.45                17.29
RENUKA                           2672           23.90                                 28.55                 86                  592              15.78               -42.79               23.50              12.78                32.26
MARUTI                           2661          931.55                                985.80                250                  674               5.65                19.28              -13.86              -9.63                34.15
CAIRN                            2635          297.70                                306.65                307                  700               2.58               -30.83              -12.26               7.14                35.74
*Top 50 stocks selected on the basis of traded volumes.                                                                                                                                                            (Compiled by J. K. Jain)
 Disclaimer: The information and views presented in this report are prepared by Karvy Stock Broking Limited. The information contained herein is based on our analysis and up on sources that we consider reliable. We, however,
 do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it.
 The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using
 such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor any person connected with any associated companies
 of Karvy accepts any liability arising from the use of this information and views mentioned in this document.
 The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above-mentioned companies from time to time. Every employee of Karvy and its associated companies are required to
 disclose their individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till
 such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Stock Broking Ltd
 The report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any
 securities, or any options, futures or other derivatives related to such securities.




                 Karvy F&O Research is also available on Bloomberg, Reuters, Thomson First Call and Capital IQ                                                                                                                 - 06 -

				
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