0 Daily News Letter - ShareMarket

In line with expectation, index opened slightly on positive note but resumed the declining bias as day progressed. It closed flat in the end but overall market breadth slipped marginally on the declining side. On the intraday chart, it took support around 23.2% i.e. 5669 level of Fibonacci retracement zone and witnessed pause thereafter. As we have mentioned in our earlier newsletter, the overall structure is not providing any clear indication for the next directional move but one can still exploit the market by maintaining stock specific approach. Considering the prevailing choppy bias and whipsaw across the board, one should avoid overleveraging in carry over trades and keep strict stop losses for protection of the capital.
  • The overall market breadth of F&O stocks was mixed with 75 declines and 81 advances. McDowell had a dream run with gains of 34% after the deal was being confirmed. Sectors like banking and realty has seen long open interest buildup while capital goods and metals continue their south bound journey with 0.9% and 0.6% negative closing.
  • Nifty futures should see momentum if 5750 is crossed on the upside for a target of 5800 levels. The resistances are placed at 5780/5820 levels while on the downside supports are placed at 5690 and 5650 levels.
  • India VIX went up to 14.86 from 14.37 (up 3.41%)
  • The volume weighted average price of the last two months is placed at 5720,which is likely to act as a crucial resistance for the coming sessions
  • In the options space, on the Call side, Nifty 5700, 5800 and 5900 Call saw additions of 0.3 million shares each. On the Put side, Nifty 5600 Put saw addition of 0.9 million shares. Nifty 5700 Put saw closure of 0.35 million shares
Nifty: The Nifty is likely to open negative on the back of negative global cues. It is likely to trade in the range of 5640-5710. The trading strategy would be to create long positions if the Nifty takes support at around 5645 levels for targets of 5680 and 5700. On the other hand, one can also create short positions if the Nifty resists at around 5710 levels
Bank Nifty: The Bank Nifty is likely to trade in the range of 11480-11650


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