0 Daily News Letter - Sharemarket

Nifty (5597.90 -67.70)

In fourth week of consolidation, index finally slipped below the lower level of the prevailing range i.e. 5630-5725 level resulting into break down in later half. Though the selling was seen across the board Bankex, Realty, Consumer durables and Capital goods were the top losers among sectorial pack. As we have stated in our yesterday's newsletter, we'll seeing impending break in next couple of sessions as the price range is getting narrower on intraday basis which may provide the required trigger and we have witnessed the same in yesterdays trade. The breakdown is decisive considering the time spent to complete the formation so next major support level exists around 5530-5480 level and now 5650-5725 would be hurdle in case of any upside move.

At the National Stock Exchange the advances were 425 and declines were 1082 whereas at the Bombay Stock Exchange advances were 997 and declines were 1801. On Tuesday, Bank Nifty lost 2.35% to close at 11203.00; CNX-IT gained 0.56% to close at 6066.10.
  • FIIs were net sellers in the cash segment to the tune of | 77 crore. They were also net sellers in stock futures and index futures to the tune of | 31 crore and | 121 crore, respectively. They, however bought options worth | 1172 crore in the index options segment 
  • India VIX moved up from 15.12 to 15.17
  • In the options space, on the Call side, Nifty 5600, 5700 and 5900 Call added more than a million shares each whereas on the Put side Nifty 5500 Put added 0.9 million shares

Nifty: The Nifty is likely to open flat on the back of flattish Asian cues. It is likely to trade in the range of 5600-5670. The trading strategy would be to create short positions if the Nifty resists at around 5665 levels for targets of 5630 and 5605. On the other hand, one can also create long positions if it takes support at around 5605 levels 
Bank Nifty: The Bank Nifty is likely to trade in the range of 11100-11400


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