0 News Letter - Share market

Nifty (5554.25 -45.80)

Index opened with a down-gap in today’s session and consolidated in a narrow range whole day but some selling pressure was witnessed in late trade. As shown in daily graph of Nifty, it has large up gap around 5447-5526 levels and the same is expected to act as crucial support in near term. IT index was top gaining index despite broader market weakness followed by FMCG while Metal, Capital Goods and Power indices underperformed. Breadth was negative while volumes were lower than previous session. The movement is expected to remain sideways for the next session or two owing to a pause after a strong rally and crossover of 5630 levels should be watched for extension of up move.

At the National Stock Exchange the advances were 516 and declines were 965 whereas at the Bombay Stock Exchange advances were 1204 and declines were 1591. On Thursday, Bank Nifty lost 1.11% to close at 10920.80; CNX-IT gained 0.81% to close at 6422.50.

Previous Day Futures and Options analysis -
• Nifty future opened negative and traded in a range of 40 points throughout the day.
• Nifty Sep futures made a high of 5594.60, low of 5551.25 and finally closed at 5571.
• Nifty spot closed at 5554.25 down by 45.80 points.
• Bank Nifty closed at 10920.80 down by 122.70 points.
• CNX IT closed at 6422.50 up by 51.90 points.
• Nifty futures closed with 16.75 point’s premium.
• Nifty heavyweight stocks TATASTEEL and RELIANCE witnessed short build-up.
• PCR (Volume) is at 1.17.
• Nifty Sep 5600 – 5700 call strikes has witnessed short build-up.
• Nifty Sep 5500 put strikes has witnessed long build-up.

FII Activity : FIIs were net sellers in the cash segment to the tune of | 74 crore. They also created shorts in stock futures to the tune of | 429 crore
VIX : India volatility index increased from 17.04 to 18.29 due to the spillover effect from political volatility
Options : on the Call side, 5600 Call added 0.6 million shares whereas 5800 Call saw closure of 0.7 million shares. On the Put side, marginal closures were observed in the 5300, 5600 and 5700 Put

Nifty: The Nifty is likely to open flattish on the back of mixed global cues. It is likely to trade in the range of 5540-5620. The trading strategy would be to create short positions if the Nifty resists at around 5605 levels for targets of 5570 and 5550. On the other hand, one can also create long positions if it takes support at around 5540 levels
Bank Nifty: The Bank Nifty is likely to trade in the range of 10750-11000
Stock Analysis


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