0 Daily News Letter - ShareMarket

Nifty (5697.70 +52.65)

On the back of strong cues from global front, index opened with upside gap and traded with positive bias for most part of the session. In the end, it gained close to one percent with market breadth ending on advancing side. Almost all the sectorial pivot managed to close in green; whereas Capital goods, PSU, Auto and Bankex attained the top slot. As we have mentioned in our previous newsletter, the last two session’s rebound and buying in cash segment may result in failure of the recent breakdown and rebound almost retested the upper level of the previous consolidation range adding to the possibility. For final confirmation of reversal in the trend, one has to wait for closing above 5750 level with noticeable increase in volume so one should be cautious and avoid overleveraging in overnight positions.

At the National Stock Exchange the advances were 887 and declines were 622 whereas at the Bombay Stock Exchange advances were 1541 and declines were 1320. On Friday, Bank Nifty gained 1.29% to close at 11460.45; CNX-IT gained 1.01% to close at 6163.45.

  • FIIs were net buyers in the cash segment to the tune of | 382 crore. They were also net buyers in index futures and stock futures to the tune of | 702 crore and | 253 crore, respectively
  • India VIX came down from 14.08 to 13.66 (down 2.98%)
  • Options : on the Call side, Nifty 5900 and 6000 Call saw addition of 0.7-0.8 million shares each whereas Nifty 5700 Call saw closure of 0.9 million shares. On the Put side, Nifty 5600 and 5700 Put, added 0.8 million shares each

Nifty: The Nifty is likely to open flat on the back of flat global cues. It is likely to trade in the range of 5690-5760. The trading strategy would be to create short positions if the Nifty resists at around 5755 levels for targets of 5720 and 5700. On the other hand, one can also create long positions if it takes support at around 5690 levels
Bank Nifty: The Bank Nifty is likely to trade in the range of 11450-11620


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