0 Daily New Letter - Share market updates

Nifty (5669.60 -21.55)

In line with expectation, index opened on flat note and consolidated between 5665-5705 levels throughout the session. It closed marginally in red but stock specific moves kept the traders busy with positive market breadth to conclude the day. On sectorial front, we have witnessed mixed movement; Power & Realty indices gained more than a percent each while FMCG and Oil & Gas pivot dragged down on the back of profit booking. Considering the current scenario and technical parameters on different time frames, we might see index witness profit taking in next couple of sessions though the bias will remain on the advancing side. Furthermore, volatility may lead to choppy move across the board due to running expiry week of F&O contracts so traders should keep strict stop losses and avoid overleveraging.

At the National Stock Exchange the advances were 904 and declines were 594 whereas at the Bombay Stock Exchange advances were 1694 and declines were 1198. On Monday, Bank Nifty gained 0.57% to close at 11423.50; CNX-IT lost 0.24% to close at 6364.00.

FIIs were net buyers in the cash segment to the tune of | 1596 crore. They, however, created shorts in stock futures and index futures to the tune of | 130 crore and | 388 crore, respectively 

VIX : India Volatility index came down from 18.93 to 18.83 (down 0.53%)

Options : Call side, 5800 Call added 1.5 million shares. On the Put side, 5500 and 5600 Put added 0.6 million shares and 0.3 million shares, respectively

Nifty: The Nifty is likely to open flat on the back of flattish global cues. It is likely to trade in the range of 5660-5740. The trading strategy would be to create long

positions if the Nifty takes support at around 5670 levels for targets of 5705 and 5725. On the other hand, one can also create short positions if it resists at around 5740 levels

Bank Nifty: The Bank Nifty is likely to trade in the range of 11350-11650

Disclosure/Disclaimer and FAQ

*If you have any questions, queries or need more explanation, leave comments below also please don't forget to LIKE my page. Our commitment to you: we want to make money with you, not from you. We execute all trades that we share with members at our personal account. If you lose we lose too. If you profit, we profit too. Contact us at [email protected] if you have any questions.
 

people like this. be the first of your friends.

FREE SUBSCRIPTION