0 Daily News Letter - Share Market

Nifty (5708.05 +55.90)

Index opened on positive note but remained in narrow range of 5640-5660 levels in first half of the session. On the back of sudden spurt in later half, it rose vertically to test 5720 levels in the end and gained more than a percent. Market breadth was inclined strongly on advancing side due to noticeable buying across the board. Reality, Capital goods, Metal and Power pivot were major beneficiaries on sectoral front. On intra-day chart, oscillators were trading in oversold territory after the recent decline which triggered rebound in this session. Importantly, going ahead index should sustain above 5750 mark for resumption of overall positive bias otherwise sideways trend would continue.

At the National Stock Exchange the advances were 921 and declines were 566 whereas at the Bombay Stock Exchange advances were 1656 and declines were 1183. On Thursday, Bank Nifty gained 1.24% to close at 11431.30; CNX-IT gained 0.69% to close at 6268.70.
  • FIIs were net buyers in the cash segment to the tune of | 1043 crore while they were net sellers in stock futures and index futures to the tune of | 312 crore and | 126 crore, respectively
  • Options : on the Call side, Nifty 5800 and 5900 Call saw additions of 0.6 million shares. On the Put side, Nifty 5600 Put added 0.6 million shares whereas 5400 and 5500 Put saw closures of 0.6-0.8 million shares each

Nifty: The Nifty is likely to open flat on the back of flattish Asian cues. It is likely to trade in the range of 5700-5770. The trading strategy would be to create short positions if the Nifty resists at around 5763 levels for targets of 5725 and 5705. On the other hand, one can also create long positions if it takes support at around 5700 levels
Bank Nifty: The Bank Nifty is likely to trade in the range of 11450-11650

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