2 Daily News Letter - Shar Marker

Indices opened on a flat note after which restricted movement was witnessed until last hour of trade. Nifty moved in a band of 27 points until that time but strong buying was seen in late trade to take it comfortably beyond 5720 levels. Today’s up move was supported by positive market breadth and higher volumes in cash market segment. Nifty is on the verge of breaking above 19-day range between 5583 and 5730 and once that happens we may again witness a directional move. Nifty gapped up on 2nd November after which it saw range-bound moves and today’s price action indicates a higher probability to continue the northward move in near term.

• India VIX has gained by 4% to close at 15.2 levels; with the events like US elections getting closer for the outcome, we expect volatility to improve from current levels.
• The breadth was positive with 112 advances and 46 declines in the derivatives segment. Realty and Oil &gas sector has seen significant long open interest buildup.
• FIIs were net buyers in the cash segment to the tune of | 175 crore. They were,however, sellers in index futures to the tune of | 155 crore
• Options : On the Call side, Nifty 5800 and 6000 Call saw addition of 05.-0.6 million shares each. On the Put side, Nifty 5700 and 5800 Put added 0.6 million shares each

Nifty: The Nifty is likely to open flat on the back of flat global cues. It is likely to trade in the range of 5740-5810. The trading strategy would be to create long positions if the Nifty takes support at around 5745 levels for targets of 5780 and 5800. On the other hand, one can also create short positions if it resists at around 5810 levels

Bank Nifty: The Bank Nifty is likely to trade in the range of 11550-11800

   

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