0 Daily News Letter - ShareMarket

Markets opened positive on the back of gains in global markets but broader indices quickly dipped into negative territory. Overall it was a range-bound trading session for benchmark indices as Nifty traded in a zone of 25 points after first hour of trade. Volumes remained on lower side but market breadth was weak as declining stocks outnumbered advancing stocks. BSE Sector indices showed mixed movement – Auto index was the top gaining index for the day followed by FMCG while Consumer Durables was the biggest loser along with Capital Goods and Metals index. Technically, Nifty has shown negative close for the last 7 sessions and it has broken down below short-term moving averages. Consistent series of lower tops and bottoms adds to the weakness and any close below 5550 levels may trigger further selling pressure which can take Nifty to next support near 5415, this is 38.2% retracement of rise from 4770 till 5815. Crossover above 5610 levels is necessary to show any meaningful pullback.

  • India VIX gained 2.83% to close at 16.68. In the futures segment market breadth remained negative with 106 declines and 48 advances.
  • FIIs were also net buyers in the stock futures segment to the tune of | 84 crorewhile they closed long positions in index futures amounting to | 55 crore
  • In the options space, on the Call side, Nifty 5600 and 5700 Call added close to 0.7 million shares and 0.6 million shares, respectively. On the Put side, Nifty 5600 Put saw closure of 0.8 million shares followed by Nifty 5800 Put, which added 0.5 million shares

Nifty: The Nifty is likely to open positive on the back of positive global cues. It is likely to trade in the range of 5570-5650. The trading strategy would be to create long positions if the Nifty takes support at around 5580 levels for targets of 5615 and 5635. On the other hand, one can also create short positions if it resists at around 5650 levels
Bank Nifty: The Bank Nifty is likely to trade in the range of 11300-11500


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