0 Daily NEws Letter - Sharemarket

On the back of mixed cues from global front, index opened on flat note and remained range bound in last session’s trading zone i.e. 5680-5710 level. It closed almost unchanged but the market breadth slipped slightly on the negative side with very low volume on cash front. In line with close of broader index, majority of sectorial pivots closed flat to marginally on negative note except FMCG pack; as it manage to end a percent up in the end. Technically, index is trading around the crucial resistance zone of 5725-5750 levels so one should keep strict stop losses in the short term trades and don’t let the loss run. As per the current chart pattern, we might see the next directional move in next couple of session so plan accordingly.

Sup – 5670-5650 Res –5725-5750

The key benchmark indices closed flat in a volatile trading session. Uncertainty in the global market deteriorates the sentiment ahead of major political events. Investors turned a cautious approach ahead of major political events this week in the world's two largest economies i.e. United States and China. Risk aversion took further steps on renewed worries over Greece. On domestic front, ITC extended gains in late trade. Maruti Suzuki scaled 52-week high. IT stocks were mostly lower. The market breadth was negative. On BSE, 1,496 shares fell and 1,356 shares rose.

• Nifty futures traded volatile on both sides of the market to close at 5739.65 with a premium of 35.45 points to the spot closing of 5704.2
• India VIX has bounced in today’s trade by 7% to close at 14.6 levels; one can expect volatility to improve from current levels improving the range of market on intraday basis and premium of options.
• Midcap PSU Banking has seen some short build up with a negative bias in the coming days.
• Nifty futures resistances are placed at 5780 / 5810 levels while on the downside supports are placed at 5670 and 5620 levels.

   

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