Stock market pare early gains with CL Educate, MTNL locks in upper circuit; Nasdaq Futures down by half a per cent

After a gap-up opening on Friday, the Indian benchmark indices were seen paring their early gains as Nifty lost nearly 100 points from the day’s high while Sensex also gave up a sizeable portion of its early gains.  

Interestingly, the broader markets were seen outperforming the frontline indices as Nifty Mid-cap and Small-cap logged gains of 0.73 per cent and 1.09 per cent, respectively. India VIX cooled off a further 2.5 per cent and currently, it’s seen hovering around the 20-mark.   

Among stock-specific action, CL Educate, Aurionpro Solutions, and MTNL are some of the stocks, which are locked in the upper circuit.   

On the derivative front, we are observing long build-up today in stocks such as Pfizer, CONCOR, Cummins India, Coforge, Siemens, etc. While short were formed in SBI Life, Mphasis, ICICIPRULI, Torrent Power, MindTree, etc.   

The level of 15,300 is likely to act as an immediate resistance as the 15,300 call option has added more than 24.7 lakh shares in the open interest today itself. With this, the maximum concentration of open interest in 15,300 call options has gone past the 31-lakh mark. Meanwhile, on the put side, the open interest addition was seen in 15,200 and 15,300 with 15,200 put options adding 14.3 lakh shares in the open interest and 15,300 put option adding 18.17 lakh shares in the open interest. The maximum concentration of open interest on the put side is seen at 15,200 strikes.   

Global cues: Dow Jones Futures is trading up by a quarter of a per cent. On the other hand, the tech-heavy Nasdaq Futures was trading down by more than half a per cent.