2 Daily News Letter - ShareMarket

After opening on flat note, Nifty continues yesterday’s positive bias and inched higher to test 5750+ zone as the day progressed. As we have mentioned in our earlier newsletters, it should overcome the resistance hurdle of 5750 level while sustaining above the same to mark reversal in the prevailing down trend and yesterday it did the same. On sectorial front, Realty and Bankex pivot managed to post considerable gain while majority ended slightly in green to flat in the end. Technically, we might see upward momentum to gain pace but one should cautious on stock specific move and keep trailing stop losses to lock the incurred gain.

• India VIX has corrected by 4.6% to close at 14.5 levels; after the presidential elections verdict was out.
• All sectors has ended positive with increased participation in midcap and high beta stocks. Banking, Cement and Telecom sector witnessed maximum OI action.
• FIIs were net buyers in the cash segment to the tune of | 728 crore. They were however sellers in the Index futures to the tune of | 122 crore 
• Options : on the Call side, Nifty 6000 Call and 6100 Call saw addition of 0.9 million shares and 1.4 million shares respectively whereas on the Put side Nifty 5700 Put and 5800 Put added 1.3 million shares each

Nifty: The Nifty is likely to open gap down on the back of weak global cues. It is likely to trade in the range of 5730-5830. The trading strategy would be to create long positions if the Nifty takes support at around 5727 levels for targets of 5765 and 5785. On the other hand, one can also create short positions if the Nifty resists at around 5827 levels

Bank Nifty: The Bank Nifty is likely to trade in the range of 11400-11800

   

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