0 Daily News Letter - Share Market

Nifty (5746.95 -40.65)

After opening on flat note, Index traded quite volatile in first two hours of session but finally surrendered to the selling pressure and slipped in red. As we have shown in our yesterday's  newsletter, Nifty has tested the upper trend line of rising channel and it failed to surpass the same in today's session that triggered profit taking across the board. In line with move, market breadth skid in negative territory with significant rise in volume which may induce further decline ahead. Broadly, it has formed an inverted hammer on weekly chart so we might see index to consolidate in the coming week but stock specific move will keep the traders busy.

At the National Stock Exchange the advances were 450 and declines were 1078 whereas at the Bombay Stock Exchange advances were 1076 and declines were 1786. On Friday, Bank Nifty lost 1.07% to close at 11511.40; CNX-IT lost 1.67% to close at 6292.45.

  • FIIs were net sellers in the stock futures and index futures segment to the tune of | 434 crore and | 616 crore, respectively. They, however, were net buyers in the cash segment to the tune of | 4352 crore
  • India VIX went up from 16.44 to 16.78 (up 2.07%)
  • Options : Call side, 5800 Call saw additions of 1.5 million shares followed by 5900 Call, which added 0.8 million shares. On the Put side, 5500 Put added 0.5 million shares

Nifty: The Nifty is likely to open flat on the back of flattish global cues. It is likely to trade in the range of 5740-5810. The trading strategy would be to create long positions if the Nifty takes support at around 5750 levels for targets of 5780 and 5800. On the other hand, one can also create short positions if it resists at around 5810 levels
Bank Nifty: The Bank Nifty is likely to trade in the range of 11500-11800

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