sarwesh

Indian stocks fell as Asian markets declined in late trade on record high crude oil prices. At 1:22 pm, the Nifty was trading 1.28 per cent lower at 4083. Nifty July futures was at 59 points discount, widening from 53 points earlier.

The contract price slipped 0.72 per cent while open interest added 21 lakh shares. It touched a high of 4108.90 and low of 4032.65, a band of around 77 points. The widening discount coupled with negative cost of carry indicates short build up in the contract.

A build of 2.35 lakh shares or about 39 per cent witnessed at 4100 call on Nifty. 4200 call added about 1.70 lakh shares or 7 per cent in open interest. Nifty will face resistance in 4100-4200 zone for the day. On the other hand, players are buying puts at lower levels, indicating more downside.

Reliance Industries July contract slipped 0.72 per cent while open interest added 4.21 lakh shares. Reliance Petroleum July gained 0.83 per cent and open interest added 12 lakh shares.

Tata Steel July was at a discount of Rs 15 and open interest added 1.37 lakh shares. Larsen & Toubro July was at discount of Rs 18 while open interest added 80,000 shares.

Renuka Sugar July contract was trading flat to the spot. The contract added 8.25 lakh shares in open interest. Suzlon contract price dropped 2.27 per cent while open interest added 11 lakh shares. NTPC gained 1.27 per cent while it is trading at a discount.

DLF July price scooped 4.7 per cent while open interest added 7.41 lakh shares. Unitech fell 4.9 per cent while the contract added 16 lakh shares in open interest. HDFC skid 4 per cent.

Reliance July call of strike 2190 was trading at a premium of Rs 90 while 2190 put was trading at a premium of Rs 121. The Reliance spot was trading at Rs 2165 indicating strong resistance at these level.