0 Daily News Letter - Share Market

Nifty (5703.30 +53.80)

To conclude the week, index opened strongly in green and scaled further northward to test resistance zone around 5740 level. Incidentally, it has formed a new fifty weeks high though the volume remained marginally low on cash front. Among the sectorial indices, majority ended in green with Auto, Consumer durable, FMCG and Metal pivot attaining the top slot respectively. As we can see on daily chart, it’s trading in rising channel(see the above chart) and steadily approaching to upper trend line of the same so we might see profit taking around that zone but stock specific move will continue. On the monthly basis, Nifty gained more than eight percent with considerable buying on cash front. Besides, volume also supported the move so the overall bias will remain on positive side. Considering all the factors, an investor may opt for buying on dips in selective stocks with view of next six month to a year for considerable returns. 

At the National Stock Exchange the advances were 925 and declines were 595 whereas at the Bombay Stock Exchange advances were 1644 and declines were 1248. On Friday, Bank Nifty gained 0.33% to close at 11456.80; CNX-IT gained 0.46% to close at 6313.80.

  • FIIs were net buyers in the cash segment and index futures segment to the tune of | 1230 crore and | 999 crore, respectively. They, however, created shorts in stock futures to the tune of | 679 crore.
  • India VIX came down from 16.91 to 16.16 (down 4.44%)
  • Options : on the Call side, 5700 Call saw closure of 0.6 million shares whereas 6000 Call added 0.7 million shares. On the Put side, 5400 and 5500 Put added 1.25 million shares and 1.1 million shares, respectively

Nifty: The Nifty is likely to open flat on the back of mixed global cues. It is likely to trade in the range of 5690-5780. The trading strategy would be to create long positions if the Nifty takes support at around 5700 levels for targets of 5735 and 5755. On the other hand, one can also create short positions if it resists at around 5780 levels
Bank Nifty: The Bank Nifty is likely to trade in the range of 10350-11600

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