0 Daily News Letter - Share Market

Nifty (5717.15 +32.90)

In line with prevailing sideways trend, index rebounded steadily from the lower level of consolidation range and almost retested upper level in the end as well. Due to expiration week of F&O contracts and on-going earning season, choppiness is quite high across the board; making it difficult for the day traders. Despite index gaining more than half a percent, market breadth failed to show any strength as it remained slightly biased toward declining side indicating lack of interest on cash front. Among sectoral pivots, Capital goods, Healthcare and Bankex pivot manage to gain close to a percent or above while majority ended flat in the end. Technically, index might see the directional move in next couple of session and expiry may provide the 
required trigger. As of now, the indications are more favourable on the bullish side so trade accordingly. 

At the National Stock Exchange the advances were 705 and declines were 792 whereas at the Bombay Stock Exchange advances were 1405 and declines were 1446. Bank Nifty gained 1.01% to close at 11607.40; CNX-IT gained 0.75% to close at 6112.80.

  • India VIX closed at its all time low level of 13.04 (down 10.3%). Such low level volatility is becoming a cause of concern for option writers.
  • FII’s were net buyers in cash segment to the tune of | 242crore and they also created long in index futures & Stock futures segment to the tune of |236 and | 295 crore respectively.
  • Options : near the money put addition was seen in strikes of 5600 and 5700 of 1.55 million and 0.77 million shares. While on the call side, 5800 call added over 0.98 million shares.

Nifty: The Nifty is likely to open flat on the back of mixed global cues. It is likely  to trade in the range of 5630-5720. The trading strategy would be to create short positions if the Nifty resist around 5715 levels for targets of 5680 and 5660. On the other hand, one can also create long positions if it finds support around 5640 levels.
Bank Nifty: The Bank Nifty is likely to trade in the range of 11450-11800

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