Nifty (5691.15 +136.90)
After yesterday's range bound session, index opened with positive gap and scaled above 5700 levels as the day progressed. In the end, it closed with gain of more than two and half percent with extraordinary rise in volume on cash front. The sudden surge was led by buying across the board resultant positive market breadth; with clear inclination on stock on advancing side. On the sectorial front, majority of pivots contributed in the run; Power, Capital good, Metal and Bankex attained the top slot amongst all as they gained more than four percent each followed by others. Technically, index's has formed a new fifty two weeks high i.e. 5719.60 levels and closed strongly on the weekly basis. With noticeable buying on cash front, we'll see index marching further northward in the days to come but one should be precise in stock selection and avoid going short.
At the National Stock Exchange the advances were 1057 and declines were 467 whereas at the Bombay Stock Exchange advances were 1815 and declines were 1102. On Friday, Bank Nifty gained 4.01% to close at 11358.50; CNX-IT lost 0.67% to close at 6379.55.
FIIs were net buyers in the cash segment to the tune of | 2328 crore. They, however, created shorts in stock futures and index futures to the tune of | 345 crore and | 409 crore, respectively
India volatility index increased from 18.62 to 18.93 (up 1.66%)
In the options space, on the Call side, 5500 and 5600 Call saw closure of 1.5 and 2.5 million shares, respectively, whereas 5800 and 5900 Call added 1.1 and 2.5 million shares, respectively. On the Put side, 5600, 5700 and 5800 Put added a whopping 2 million shares, 3.5 million shares and 1 million shares, respectively
Nifty: The Nifty is likely to open negative on the back of negative global cues. It is likely to trade in the range of 5660-5730. The trading strategy would be to create long positions if the Nifty takes support at around 5666 levels for targets of 5695 and 5715. On the other hand, one can also create short positions if it resists at around 5730 levels
Bank Nifty: The Bank Nifty is likely to trade in the range of 11250-11600 Stock Analysis
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Thanks for giving your valuable inputs, TRENDGURUS