2 Daily News Letter - ShareMarket

Nifty (5619.70 +21.80)

After yesterday’s breakdown, index traded with sideways bias and closed marginally in green in the end. Technically, it took support at 5580 level i.e. 38.20% as per Fibonacci retracement level on intraday chart and closed above the same till the end. On sectorial front, some of the pivots like Healthcare, Auto, Realty and Metal gained more than a percent each while majority of others closed flat. Surprisingly, market breadth ended on positive note though the volume remained on the lower segment. Keeping in mind close, it may spend a session or two around the current level and any breakdown below 5580 will trigger the next down move.

At the National Stock Exchange the advances were 823 and declines were 655 whereas at the Bombay Stock Exchange advances were 1483 and declines were 1302. On Wednesday, Bank Nifty gained 0.59% to close at 11268.80; CNX-IT gained 0.36% to close at 6087.8.

• FIIs were net sellers in the index futures segment to the tune of | 169 crore. They were, however, net buyers in the stock futures and cash segment to the tune of | 202 crore and | 248 crore, respectively
• India VIX came down from 15.17 to 14.40 (down 5%)
• Options : on the Call side, Nifty 5600, 5700, 5800 and 5900 Call added close to 0.4 million shares. On the Put side, Nifty 5400, 5500 and 5600 Put added close to 0.3 million shares

Nifty: The Nifty is likely to open flat to negative on the back of flattish Asian cues. It is likely to trade in the range of 5590-5660. The trading strategy would be to create short positions if the Nifty resists at around 5652 levels for targets of 5620 and 5600. On the other hand, one can also create long positions if it takes support at around 5590 levels

Bank Nifty: The Bank Nifty is likely to trade in the range of 11250-11500

 

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