0 Daily News Letter - Share Market

Nifty (5676.00 -70.95)

In continuation to last session’s decline, index opened on flat note and resumed the southward bias till the end. It lost more than a percent while market breadth slipped on declining side in later half. Apart from defensive pack, almost all sectorial indices suffered beating; Realty, Oil & gas, Capital goods and Consumer durables were the major losers amongst them. As per Fibonacci retracement placed on intraday chart, it tested support 5670 level (i.e. 23.20%) in today’s session & next support zone is around 5580 level. On larger scale, we have witnessed filling of upside gaps in last two sessions and the last gap exist around 5450 zone so we might see strong emergence of support around that area in case of any decline. Undoubtedly, the prevailing upside momentum has now paused and consolidation is likely in near term before the next directional move.

At the National Stock Exchange the advances were 664 and declines were 841 whereas at the Bombay Stock Exchange advances were 1383 and declines were 1515. On Monday, Bank Nifty lost 1.30% to close at 11362.20; CNX-IT lost 1.34% to close at 6207.95.

  • FIIs were net buyers in the cash segment and index futures segment to the tune of | 564 crore and | 229 crore, respectively. They, however, were net sellers in the stock futures segment to the tune of | 434 crore 
  • India VIX went up from 16.78 to 17.17 (up 2.32%) 
  • Options : On the Call side, 5700 Call added 0.7 million shares followed by 0.5-0.6 million shares in 5800 and 5900 Call. On the Put side, 5300 Put saw closure of 0.8 million shares whereas 5400 and 5600 Put added 0.6 million shares each

Nifty: The Nifty is likely to open positive on the back of positive global cues. It is likely to trade in the range of 5690-5760. The trading strategy would be to create short positions if the Nifty resists at around 5753 levels for targets of 5720 and 5700. On the other hand, one can also create long positions if it takes support at around 5690 levels
Bank Nifty: The Bank Nifty is likely to trade in the range of 11400-11600

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