0 Daily News Letter - Share Market

Nifty (5676.05 -32.00)

Markets opened on a weak note on friday after negative reaction about Infosys results but quickly recovered to reach levels close to previous day highs. From there steady selling was witnessed in index majors and that took Nifty down by 60 points from day high levels. Nifty is close to important support levels of 5600-5630 and as long as it remains above these levels on closing basis there are chances to continue the rising trend in near term. Range-bound movement between 5600-5730 is expected to continue in  immediate term while a break of this range would give way to directional move. Stock-specific action is expected to continue owing to ongoing results season.

At the National Stock Exchange the advances were 654 and declines were 844 whereas at the Bombay Stock Exchange advances were 1369 and declines were 1517. On Friday, Bank Nifty lost 0.37% to close at 11388.45; CNX-IT lost 2.59% to close at 6105.15.

  • FIIs were net buyers in the cash segment to the tune of | 201 crore while they were net sellers in stock futures and index futures to the tune of | 280 crore and | 288 crore, respectively
  • Options : on the Call side, Nifty 5700 Call added 0.9 million shares followed by Nifty 5800 and 5900 Call, which saw additions of 0.7 million shares each. On the Put side, Nifty 5500 Put added 0.7 million shares whereas 5800 Put saw closure of 0.45 million shares

Nifty: The Nifty is likely to open flat on the back of subdued cues. It is likely to trade in the range of 5640-5730. The trading strategy would be to create short positions if the Nifty resists at around 5722 levels for targets of 5685 and 5665. On the other hand, one can also create long positions if it takes support at around 5640 levels
Bank Nifty: The Bank Nifty is likely to trade in the range of 11250-11550

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