Nifty marching towards 11,000 mark; Bank Nifty ends above 27,000

Markets continue to remain on a hot streak as Nifty, Bank Nifty and Sensex closed on a record high.

Today’s rally was led by Reliance Industries and Axis Bank, gaining ~4.3% and ~3.5% each, backed by strong quarterly results. TCS was among the top index gainers, ending ~5% higher.

Market breadth ended in favor of bulls with Advance Decline ration closing at 1:1x.  

Nifty January Index futures witnessed a drop in open interest as the focus shifted to the February expiry wherein the fresh open positions to the tune of ~36lakh shares were created, indicating a rollover and buildup of fresh long positions.

Tracking the Nifty options, 10800CE and 11000CE witnessed a sharp reduction in open interest as call writers run for cover.  Across the board, short selling was witnessed in all the major out of the money put option strikes.

India Vix ended the day at 15.4 up 10%.

Nifty:	+71 points @ 10966
Bank Nifty:	+132 points @ 27041
Top 2 F&O Gainer:	JUBLFOOD & BHEL
Top 2 F&O Loser:	CHENNAIPETRO & JSWENERGY
Most Active Index Option Contract:
Call Option:	10800CE, O.I: -~17  lakh shares
Put Option:	10900PE, O.I: + ~19 lakh shares
Nifty Max O.I Strikes:	11000CE, 10500PE
Bank Nifty Max O.I Strikes:	27000CE, 26500PE (25TH Jan 2018 Expiry)