0 Daily News Letter - Share Market

Nifty (5731.25 +12.45)

Index witnessed another range bound session between 5715-5745 levels and closed marginally in green to conclude the day. In line with prevailing stock specific bias, market breadth ended on advancing side with noticeable volume indicating continuous buying in Midcap and Smallcap segment. Among sectorial indices,  majority ended on flat note expect Oil& gas pivot; as it gained close to one percent in the end. Technically, index is maintaining the overall positive bias but upward momentum is slowly deteriorating so we might trigger some profit taking in near future so it’s better to keep strict stop loss for the fresh positions and trail the stop losses of existing long trades to lock gains.

At the National Stock Exchange the advances were 934 and declines were 595 whereas at the Bombay Stock Exchange advances were 1759 and declines were 1172. On Wednesday, Bank Nifty lost 0.05% to close at 11414.95; CNX-IT lost 0.20% to close at 6422.55.

  • FIIs were net buyers in the cash segment and index futures segment to the tune of | 603 crore and | 970 crore, respectively. They, however, created shorts in stock futures to the tune of | 74 crore
  • India VIX went up from 16.34 to 16.50 (up 0.98%)
  • In the options space, on the Call side, 5800, 5900 and 6000 Call added 0.8-0.9 million shares each. On the Put side, Nifty 5600 and 5700 Put added 0.8 million shares each

Nifty: The Nifty is likely to open flat to positive on the back of positive global cues. It is likely to trade in the range of 5750-5830. The trading strategy would be to create long positions if the Nifty takes support at around 5755 levels for targets of 5790 and 5810. On the other hand, one can also create short positions if it resists at around 5823 levels
Bank Nifty: The Bank Nifty is likely to trade in the range of 10450-11700

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