0 Daily News Letter - Sharemarket

Nifty opened flat and consolidated below 5600 levels in first half of the session. Strong buying support was witnessed in second half which took Nifty towards 5620 levels in late trade. Although it was a firm positive close for benchmark indices, market breadth remained flattish and slightly in favour of advances. Cash market volumes too didn’t show a big jump. BSE Realty index rose more than 2% and became top gaining sector index followed by FMCG, Consumer Durables and Bankex while Power index underperformed. Technically, Nifty has not shown much change in the month of November so far (down around 5 points) and next week would be F&O contract expiry for this month which indicates there can be some more volatility going ahead. Nifty traded close to support levels of 5550 for a couple of sessions and today’s bounce indicates probability to continue the pullback rally towards 5650 levels in the next session.
  • India VIX lost 2.21% to close at 15.46. In the futures segment market breadth was positive with 112 advances and 45 declines.
  • FIIs were also net buyers in the cash segment to the tune of | 183 crore while they were net buyers in stock futures to the tune of | 257 crore 
  • Options : on the Call side, Nifty 5600 saw closure of close to 0.5 million shares. On the Put side, Nifty 5500 Put saw additions of 1.75 million shares followed by Nifty 5600 Put, which saw addition of 1.25 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 5580-5670. The trading strategy would be to create long positions if the Nifty takes support at around 5588 levels for targets of 5625 and 5645. On the other hand, one can also create short positions if it resists at around 5663 levels
Bank Nifty: The Bank Nifty is likely to trade in the range of 11350-11550


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