0 Daily News Letter - Share Market

Nifty (5787.60 +56.35)

On the back of positive cues from domestic front, index opened on buoyant note and tested 5800 zone in the early phase. It remained range bound thereafter within a narrow range of 5780-5800 level. Finally, Nifty gained close to one percent with positive market breadth & noticeable volume in cash segment. The movement remained mixed on sectorial front but majority were on positive side; Realty gained exceptionally well followed by Consumer durables, Bankex and Capital good. Technically, Nifty has tested upper trend line of the rising channel on the daily chart today (see the above chart) so it would be crucial for the index to cross and sustain above the same for sustainability of northward bias ahead. Considering the overall scenario, one should be cautious in stock picking now but short selling is still not advisable.

At the National Stock Exchange the advances were 928 and declines were 595 whereas at the Bombay Stock Exchange advances were 1705 and declines were 1245. On Thursday, Bank Nifty gained 1.94% to close at 11636.05; CNX-IT lost 0.36% to close at 6399.50.

  • FIIs were net buyers in the cash segment and index futures segment to the tune of | 945 crore and | 714 crore, respectively. They, however, created shorts in stock futures to the tune of | 158 crore
  • India VIX came down from 16.50 to 16.44 (down 0.36%)
  • Options : on the Call side, 5800 Call saw closure of 1 million shares whereas 6200 Call added 0.9 million shares. On the Put side, 5800 Put added 1.3 million shares followed by 5700 Put, which added 0.7 million shares

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 5800-5880. The trading strategy would be to create long positions if the Nifty takes support at around 5810 levels for targets of 5845 and 5870. On the other hand, one can also create short positions if it resists at around 5880 levels
Bank Nifty: The Bank Nifty is likely to trade in the range of 11600-11850

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