0 Daily News Letter - Share Market

Nifty (5648.00 -39.25)

Markets opened positively but Nifty could not cross the trading range of last 5 sessions. The intraday movement was restricted in a narrow zone in first half and index witnessed reversal of gains as selling pressure was visible in late trade. Realty stocks were top losers followed by Metals and Capital Goods. Consumer Durables and Teck were the only BSE sector indices that remained in positive. Even though Nifty has maintained in roughly a 100-point range recently individual stocks are witnessing more selling pressure  and if the same continues Nifty may as well show some correction going ahead. We need to wait for break of current range but keeping strict stops in individual stocks is advisable. 

At the National Stock Exchange the advances were 537 and declines were 986 whereas at the Bombay Stock Exchange advances were 1179 and declines were 1712. On Tuesday, Bank Nifty lost 0.82% to close at 11348.00; CNX-IT lost 0.16% to close at 6050.85.

  • Despite selling pressure in the broader markets, India VIX came down on the back of aggressive Call writing at 5700. Thus, from an IV perspective, fresh momentum will be seen only if the index is able to close above 5700 
  • FIIs were sellers in the cash segment, selling | 204 crore while they were buyers in the index option segment to the tune of | 796 crore
  • In the options space, Call writers were back in business and aggressive addition of over 1.4 million and 0.9 million shares each was see in strikes of 5700 and 5800. On the Put side, we saw closure of OI in 5700 and 5800 Put strikes over 0.5 million shares each

Nifty: The Nifty is likely to open gap up on the back of strong global cues. It is likely to trade in the range of 5630-5710. The trading strategy would be to create short positions if the Nifty resists at around 5700 levels for targets of 5670 and 5650. On the other hand, one can also create long positions if it takes support at around 5636 levels
Bank Nifty: The Bank Nifty is likely to trade in the range of 11250-11600

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