0 Daily News Letter - Sharemarket

After Thursday’s decline, Nifty opened on flat note and resumed the negative bias as the day progressed. It lost close to a percent with market breadth ending in very bad shape. Among sectorial pivots, PSU, Realty, Metal and Oil& gas were the major dragger followed by other pivots. Keeping in mind the market move from past two months or so, we expect consolidation to continue on broader scale i.e. 5570-5800 level so stock specific move would be crucial to watch. Besides, traders should keep extra caution in the near term as we have witnessed several examples of breakout failure that may result heavy losses if stop losses not aptly placed.

  • The overall market breadth was very negative with 134 declines and 25 advances. All sectors has ended negative with the highest losers like PSU Banking, Realty and Metals. 
  • Nifty heavy weights like SBI, Tata Steel, ONGC has led the fall with selling seen in other midcaps post support levels of 5740 was being broken.
  • FIIs were net sellers in the cash segment to the tune of | 204 crore. They were also net sellers in index futures and stock futures to the tune of | 284 crore and | 373 crore, respectively
  • India VIX inched slightly higher to 14.37 from 14.22 (up 1.0%)
  • In the options space, on the Call side, Nifty 5800 Call saw additions of 1.4 million shares followed by Nifty 5700 Call, which added 0.55 million shares. On the Put side, Nifty 5700 Put saw closure of 1.27 million shares whereas Nifty 5500 Put added 0.9 million shares

Nifty: The Nifty is likely to open flat to negative on the back of flattish global cues. It is likely to trade in the range of 5680-5750. The trading strategy would be to create long positions if the Nifty takes support at around 5684 levels for targets of 5720 and 5740. On the other hand, one can also create short positions if it resists at around 5750 levels
Bank Nifty: The Bank Nifty is likely to trade in the range of 11400-11600


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