0 Daily News Letter - Share Market

Nifty (5718.70 +58.45)

Markets opened flat and remained in a narrow range initially but then consistent buying was witnessed in index majors and it turned out to be the second consecutive day of positive close for broader indices. Today volumes improved and advancing issues outnumbered declining issues stressing the buying momentum may continue once 5740 levels are crossed on sustained basis. All BSE Sector indices closed in positive except for Healthcare while Realty was at top of the gaining list followed by Banking, Consumer Durables, Auto and Capital Goods.

At the National Stock Exchange the advances were 990 and declines were 520 whereas at the Bombay Stock Exchange advances were 1727 and declines were 1125. On Thursday, Bank Nifty gained 2.01% to close at 11586.35; CNX-IT gained 0.72% to close at 6088.85.

  • India VIX continued its downward trend and closed 2.7% down at 14.7, before hitting low of 14.1. Critical resistance for this index is placed at 50 DMA of 16.5.
  • FII’s were net sellers in cash segment to the tune of | 69 crore while the action was muted in derivatives segment.
  • Options : data turned bullish, wherein 5700 and 5800 calls, the heaviest sold strikes saw closure of 1.5 and 2.2 million shares each. On the put side, heavy addition was seen in strike of 5600, 5700 and 5800, which added 0.86 million, 1.78 million and 0.63 million shares.

Today's Nifty and Bank Nifty View : 

Nifty: The Nifty is likely to open flat on the back of mixed global cues. It is likely to trade in the range of 5680-5770. The trading strategy would be to create long positions if the Nifty takes support at around 5700 levels for targets of 5730 and 5750. On the other hand, one can also create short positions if it resists around 5765 levels.
Bank Nifty: The Bank Nifty is likely to trade in the range of 11350-11700

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