0 Daily News Letter - Share Market

Nifty (5687.25 +11.20)

Markets opened slightly weak and consolidated in the first half. Some buying support was witnessed in second half but low volumes and almost flat market breadth kept the gains limited. FMCG stocks continued to outperform as it was the top-gaining index while Oil & Gas, Realty, Bank and Power were other gainers. IT, Consumer Durables and Capital Goods saw selling pressure in yesterdays session. Daily bar charts have formed an inside bar indicating indecision among participants. The range-bound move between 5629 and 5755 is still on and a breakout is expected to happen in a day or two.

At the National Stock Exchange the advances were 765 and declines were 730 whereas at the Bombay Stock Exchange advances were 1494 and declines were 1353. On Monday, Bank Nifty gained 0.47% to close at 11441.80; CNX-IT lost 0.75% to close at 6060.45.

  • India VIX came down by 3.59% to close at 15.90. In the process, the fear gauge has closed below its 50 DMA placed at 16.5.
  • FIIs were net buyers in the cash segment to the tune of | 20 crore while there were short positions in the stock futures segment to the tune of | 424 crore
  • Options : on the Put side, 5600 Put added 0.7 million shares. On the Call side, no major OI addition was seen. Currently, the highest Call base is at 5800 strike (9.2 million shares) and 5600 Put (7 million shares)

Nifty: The Nifty is likely to open flat to positive on the back of strong global cues. It is likely to trade in the range of 5680-5755. The trading strategy would be to create long positions if the Nifty takes support at around 5684 levels for targets of 5715 and 5735. On the other hand, one can also create short positions if it resists at around 5755 levels
Bank Nifty: The Bank Nifty is likely to trade in the range of 11300-11700

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