Nifty (5600.05 -9.95)
In today’s session, index opened on flat note and traded in a narrow range of 5590-5620 level. Despite dull session on index front, move on stock specific front kept the traders busy with noticeable volume in cash stocks. In line with prevailing positive bias, market breadth was inclined on advancing side but majority of sectorial pivots failed to show any major change and closed flat in the end. Keeping in mind candlestick formation on daily chart, we might see index to consolidate further in next couple of sessions so one should keep trailing stop losses in short term buy side trade and wait for the consolidation to get over for initiating fresh trades.
At the National Stock Exchange the advances were 922 and declines were 579 whereas at the Bombay Stock Exchange advances were 1692 and declines were 1197. On Tuesday, Bank Nifty gained 0.56% to close at 11043.50; CNX-IT lost 0.43% to close at 6370.60.
Nifty: The Nifty is likely to open negative on the back of weak global cues. It is likely to trade in the range of 5540-5620. The trading strategy would be to create long positions if the Nifty takes support at around 5541-5546 levels for targets of 5575 and 5600+. On the other hand, one can also create short positions if it resists at around 5615 levels.
Bank Nifty: The Bank Nifty is likely to trade in the range of 10750-11000
OI addition: We saw long build-up in Oriental Bank of Commerce, Syndicate Bank, Sun TV and Renuka Sugar while we saw short build-up in NTPC, Tata Chemicals, LIC Housing Finance and TCS
OI shedding: We saw short covering in IRB Infra, Patel Engineering, Andhra Bank and Allahabad Bank while we saw long closure in Hindustan Zinc, Biocon and Pantaloon Retail
FIIs were net buyers in the cash segment to the tune of | 1049 crore. They however created shorts in the Stock futures to the tune of | 629 crore
VIX : India VIX went up from 16.78 to 17.04
Options : on the Call side, 5700 and 5800 strikes saw additions of 0.8 million shares each while on the Put side 5500 Put added 1 million shares
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Thanks for giving your valuable inputs, TRENDGURUS