0 Daily News Letter - Share Market

Nifty (5660.25 +12.25)

Broader indices witnessed one more session of sideways movement today. Nifty opened positively but gradually declined to recent support levels around 5630 levels; some buying was seen in late trade and that took the official close in positive territory. Consumer Durables and Capital Goods indices remained top gainers; Auto, Power and Healthcare too showed gains. Realty was the biggest losing BSE sector index along with Metals and IT. Yesterday volumes were little higher but breadth remained negative; Nifty is still in the 100- point range (5630-5730) and directional break is awaited. 

At the National Stock Exchange the advances were 658 and declines were 828 whereas at the Bombay Stock Exchange advances were 1329 and declines were 1543. On Wednesday, Bank Nifty gained 0.09% to close at 11358.25; CNX-IT lost 0.09% to close at 6045.15.

  • Despite selling pressure in the broader markets, India VIX came down on the back of aggressive Call writing. Crucial resistance for this fear gauge is placed at 16.5, which is also its 50 DMA 
  • FIIs were net buyers in the cash segment to the tune of | 35.54 crore while they were sellers in the index option segment to the tune of | 153 crore
  • Options : Call writers continued their clout and 5800 strike added over 1.7 million shares. On the Put side, 5500 strike added 2.1 million shares

Nifty: The Nifty is likely to open flat to positive on the back of strong Asian cues. It is likely to trade in the range of 5620-5710. 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 5633 levels
Bank Nifty: The Bank Nifty is likely to trade in the range of 11250-11600

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