Food delivery major Zomato Ltd and financial services player Jio Financial Services are set to join the benchmark Nifty 50 index March 27, amid the Nifty Indices semi-annual rejig – coinciding with the monthly derivatives expiry session.
Zomato, Jio Financial Services, Power Grid, and CG Power are expected to see the highest inflows, while Britannia Industries, BPCL, Bajaj Finance, Kotak Mahindra Bank, and NTPC will see the most outflows in trade.
Global Stock Market Today
Nifty Overview & Outlook
Benchmark Nifty index took a pause from the ongoing up move in previous trading session and settled on a flat note at 23669 levels after adding just 10 points to its previous closing values.
Broader markets underperformed the benchmark as Mid and Small cap index fell 1.06% and 1.56% respectively.
Majority of sectoral indices tracked at NSE ended in red. Amongst them, Media, Metal. Pharma, Consumer Durables among others fell in range 1% to 2%. On the flip side, IT index provided the needed support to the bulls, rose 1.32%.
Technically, Nifty index took a halt after achieving its short term price targets of 23800 levels as discussed in our previous posts. Going ahead, we suggest traders maintain buy on dips trading approach till it is holding above 23350-23300 supports levels on closing basis.
Derivatives Overview & Outlook
Yesterday, no significant change was seen in Nifty, Banknifty and Finnifty futures on the price front whereas on open interest front long buildup was seen in Nifty and Finnifty futures with increase in open interest by 4.2% and 8% respectively and Midcapnifty was down on long unwinding as it shed 12.4% of open interest.
All of F&O sectors, barring Cement and Textile, settled lower. Amongst them, Auto, Metal stocks witnessed addition of some short positions while majority indices were down on long unwinding.
On option front, call writing along with some put writing was seen at multiple strikes. Maximum positions are at 23000 PE and 25000 CE followed by 24000 CE.
Institutional Trading Activity
Yesterday, FIIs bought stocks worth Rs 5372 Cr in the cash segment, bought index futures worth Rs 920 Cr also bought stock futures worth Rs 1843 Cr. DIIs were net sellers in the cash segment to the tune of Rs 2769 Cr
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 23800-23900; Supports 23550-23480
Banknifty – Resistances 51800-52000; Supports 51200-51000
Finnifty – Resistances 25200- 25280; Supports 24980-24880
F&O Security in Ban Today: INDUSINDBK
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