1 Daily News Letter - ShareMarket

Nifty (5705.30 +13.90)

Despite expiration of F&O contract , index failed to witness either side break from present consolidation range i.e. 5629-5722 and closed marginally in green in the end. In line with expectation, stock specific move kept the traders busy but the overall breadth failed to register impressive close as it kept the declining bias intact. Along with that, none of the sectorial pivot posted any significant move except Realty pack, that too on negative side. Technically, we have noticed that index is forming higher lows on the intraday chart with identical highs and  it closed around upper level of the range indicating strong possibility of upside break in near term but one should wait for closing above the mentioned level i.e. 5722 to mark as  confirmed breakout.

At the National Stock Exchange the advances were 603 and declines were 904 whereas at the Bombay Stock Exchange advances were 1288 and declines were 1556. On Thursday, Bank Nifty gained 0.31% to close at 11614.50; CNX-IT lost 0.19% to close at 6051.70.

  • India VIX came down from 13.71 to 13.52 (Down 1.39%)
  • FII’s were net buyers in the Index futures segment to the tune of | 903 crore while they were net sellers in Stock futures & cash segment to the tune of |730 and | 551 crore respectively
  • Options : on the call side highest OI is seen in the strikes of 5800,5900 and 6000 (2.7-3.1 million shares each) whereas on the Put side highest OI is seen at 5600 Put (3.8 million shares)

Nifty: The Nifty is likely to open negative on the back of negative global cues. It is likely to trade in the range of 5660-5740. The trading strategy would be to create short positions if the Nifty resists at around 5725 levels for targets of 5690 and 5670. On the other hand, one can also create long positions if it finds support at around 5660 levels.
Bank Nifty: The Bank Nifty is likely to trade in the range of 11600-11800


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