Markets opened on firm note but consolidated in a range after that. Nifty extended yesterday’s gains in today’s session as well. Market breadth and volumes didn’t show much improvement for second consecutive session which kept the gains limited. BSE Capital Goods index showed highest gains among sector indices along with IT and FMCG. Oil & Gas index remained under pressure while Auto corrected for second day. Nifty has shown gains for last 3 sessions which is so far a pullback rally after 7 consecutive losing sessions. To extend this rise Nifty has to cross 5660 levels on sustained basis and once that happens 5720 can be next level to test.
- India VIX has corrected by 3.55% to close at 14.91 levels.
- FIIs were net buyers in the cash segment to the tune of | 115 crore while they were marginal sellers in the index futures and stock futures segment
- Options : On the Call side, Nifty 5900 saw closure of 0.4 million shares. On the Put side, Nifty 5600 Put saw additions of 1.2 million shares followed by Nifty 5500 and 5700 Put, which saw additions of 0.4-0.5 million shares each
Nifty: The Nifty is likely to open positive on the back of positive global cues. It is likely to trade in the range of 5610-5670. The trading strategy would be to create long positions if the Nifty takes support at around 5614 levels for targets of 5645 and 5665. On the other hand, one can also create short positions if it resists at around 5670 levels
Bank Nifty: The Bank Nifty is likely to trade in the range of 11450-11650
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Thanks for giving your valuable inputs, TRENDGURUS