0 Daily News Letter - ShareMarket

On the back of negative cues from the global front, index opened with down gap and traded with southward bias in first half of the session.  It almost tested the support zone around 5600 levels and rebounded marginally in the end. Finally, it lost more than half a percent with market breadth ending on the declining side. On sectorial front, indices traded mixed with Realty and Consumer Durables ended strongly in green while IT, Metal and FMCG lost more than a percent each. Technically, Nifty tested lower trend line of the rising channel on the daily chart yesterday so it’s likely to witness some technical bounce or sideways move in the next session. Going ahead, the breakdown from prevailing channel will result in retesting 5450 level so one should be cautious at current level especially in position sizing and it’s always better to cut the loss short so maintain strict stop losses.

  • India VIX gained 4.15% to 15.53 levels, the 100 day average is placed at 16.6 levels, above which it will move sharply on the upside, improving the premium of index options and overall range of the nifty. The overall market breadth was mixed with 86 declines and 70 advances.
  • FIIs were net sellers in index futures and stock futures to the tune of | 1262 and | 322 crore, respectively 
  • Options : on the Call  side, Nifty 5600, 5700 and 5800 Call saw additions of 1.2 million shares, 1.68 million shares and 0.92 million shares, respectively. On the Put side, Nifty 5500, 5600 and 5700 Put saw closure of 0.5-0.7 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 5630-5710. The trading strategy would be to create long positions if the Nifty takes support at around 5635 levels for targets of 5670 and 5690. On the other hand, one can also create short positions if it resists at around 5710 levels
Bank Nifty: The Bank Nifty is likely to trade in the range of 11450-11650

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