0 Daily News Letter - Sharemarket

Nifty (5691.40 -25.75)

After opening on flat note, index not only failed to witness upside break from the prevailing consolidation range of 5630-5725 level but almost retraced yesterday’s gain as well. In line with move, majority of sectorial indices traded with southward bias and closed in negative territory. Besides, selling pressure on cash front pushed market breadth on the declining side while volume was also remained noticeably low indicating lack of clarity over the direction among the market participants. Considering expiry of F&O contract in next session, either side break is probable from the range so one should opt for wait and watch technique to avoid getting trapped in whipsaws as it may result in losing capital.

At the National Stock Exchange the advances were 603 and declines were 884 whereas at the Bombay Stock Exchange advances were 1308 and declines were 1490. On Tuesday, Bank Nifty lost 0.25% to close at 11578.15; CNX-IT lost 0.81% to close at 6063.15.

  • India VIX jumped to 13.71 (Up 5.14%) from oversold levels of 13.04
  • FII’s were net buyers in cash segment to the tune of | 252 crore while they were net sellers in Index futures & Stock futures segment to the tune of |288 and | 280 crore respectively
  • In the option space, near the money call closure was seen in strikes of 5700 and 5800 of 0.75 million and 0.85 million shares. While on the put side, 5600 put and 5700 Put saw closures of 1 million and 1.35 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 5650-5730. The trading strategy would be to create long positions if the Nifty takes support at around 5665 levels for targets of 5700 and 5720. On the other hand, one can also create short positions if resists 5730 levels.
Bank Nifty: The Bank Nifty is likely to trade in the range of 11450-11800


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