0 Daily News Letter - Share Market

Nifty (5704.60 +28.60)

After two successive sessions of profit taking, Nifty witnessed gap up opening on intraday chart but remained range bound thereafter. It managed to end in green with market breadth inclined on advancing side. On sectorial front, defensive pivots like Consumer Durables, Healthcare and FMCG pivots gained for more than a percent each while majority ended on flat note. As we have mentioned in our yesterday’s newsletter, index is likely to consolidate around the current level before the next significant move and witnessed the same in today’s session. Considering today’s close, we might see consolidation to continue in next session too but stock specific move will keep the traders busy.

At the National Stock Exchange the advances were 834 and declines were 676 whereas at the Bombay Stock Exchange advances were 1561 and declines were 1310. On Tuesday, Bank Nifty gained 0.74% to close at 11446.10; CNX-IT gained 1.08% to close at 6274.80.

  • FIIs were net buyers in the cash segment to the tune of | 613 crore while they were marginal sellers in stock futures and index futures
  • India VIX came down from 17.17 to 16.80 (down 2.15%)
  • Options : on the Call side, 5800 and 5900 Call saw additions of 0.4 million shares each. On the Put side, 0.3 million shares were added in 5500, 5600 and 5700 Puts each

Nifty: The Nifty is likely to open negative on the back of negative global cues. It is likely to trade in the range of 5670-5750. The trading strategy would be to create short positions if the Nifty resists at around 5742 levels for targets of 5705 and 5680. On the other hand, one can also create long positions if it takes support at around 5670 levels
Bank Nifty: The Bank Nifty is likely to trade in the range of 11400-11600

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