3 Daily News Letter - Sharemarket

Nifty (5664.30 -41.00)

On the back of mixed cues from global front, index opened on negative note and extended the southward bias till the latter half. It almost retested lower level of the prevailing consolidation range and rebounded marginally in the end. In line with overall move, market breadth remained under pressure throughout the day  and slipped on declining side. From past three weeks, it’s maintaining sideways bias so we might see that index may witness either side break in the coming week. Accordingly, one should wait for further clarity before initiating any fresh positions and keep strict stop losses for the existing trades.

At the National Stock Exchange the advances were 457 and declines were 1045 whereas at the Bombay Stock Exchange advances were 1030 and declines were 1801. On Friday, Bank Nifty lost 0.91% to close at 11509.15; CNX-IT lost 0.43% to close at 6025.40.

• FIIs were net sellers in the cash segment to the tune of | 199 crore while they were net sellers in the Stock futures and Index futures to the tune of | 50 crore and | 353 crore respectively
• India VIX moved up from 13.52 to 14.21 (Up 5.10%)
• Options : on the Call side, Nifty 6000 Call added 0.8 million shares followed by 5700, 5800 and 5900 Call which added 0.6 million shares. On the Put side Nifty 5200 Put and 5400 Put added 1.4 million shares and 1.1 million shares respectively

Nifty: The Nifty is likely to open flat to positive on the back of positive Asian cues. It is likely to trade in the range of 5650-5720. The trading strategy would be to create short positions if the Nifty resists at around 5710 levels for targets of 5675 and 5655. On the other hand, one can also create long positions if it takes support at around 5650 levels

Bank Nifty: The Bank Nifty is likely to trade in the range of 11500-11800

   

Disclosure/Disclaimer and FAQ    

*If you have any questions, queries or need more explanation, leave comments below also please don't forget to LIKE my page. 

people like this. be the first of your friends.

FREE SUBSCRIPTION  

 

Our commitment to you:  we want to make money with you, not from you. We execute all trades that we share with members at our personal account. If you lose we lose too. If you profit, we profit too. Contact us at [email protected] if you have any questions.