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Charts & Analysis

NIFTY Tanks at 3 PM, closes below 6,000

The NSE Nifty tanked at 3 PM to close below the 6,000 mark, and you can blame it on F&O Expiry. A number of people punt on options on the expiry day, hoping to make a little bit here and there. Rumours were that 1500 cr. worth basket selling happened and some people lose money betting on the expiry value. This kind of punting is a pure gamble, exactly what makes watchers think the stock market is a casino; if you need to survive, you need to keep your head about you while others are losing theirs.

NIFTY intraday October 29, 2010

Volumes were significant at 2.82 lakh crores. Most of this were in Index options, as you can see.

NSE Cash and F&O Volumes

What is weird is the difference between the October Future and the November future after 3 PM:

Nifty Oct versus Nov future on F&O expiry Oct

Incredible – The November future closed at 6074! What happens tomorrow morning will be interesting to see.