Global Stock Market Today
The Nifty index settled a tad below the 24000 spot level, down nearly 200 points from its previous closing values.
The broader markets underperformed the benchmark as Mid and Small cap indices fell 1.09% & 1.54% respectively.
All sectoral indices, barring FMCG and Auto, ended in red. Among them, Realty and Media index were the worst performer, down over 2.5% each followed by PSU Banks and IT index that were down over 1.5% each.
Technically, Nifty index breached the past eight-day-long consolidation range (24000–24367) on the lower side. Going ahead, sustained trading below 24000 on Thursday could drag the index toward 23800 spot, which serves as the lower band support of the wider congestion zone (23800–24531) and should act as the next crucial support on the downside. Conversely, a sustained trading above 24180 spot will strengthen the chances of further consolidation within 24000-24367 spot zone.
Derivatives Overview & Outlook
Yesterday, Nifty, Banknifty and Finnifty futures added 4.7%, 3.9% and 4.7% of open interest respectively as short positions, whereas no significant change was observed in Midcapnifty futures on open interest front.
All F&O sectors, barring FMCG, settled lower. Amongst them, Banking Capital Goods, Infrastructure, Technology and Textile stocks witnessed maximum addition of short positions.
On options front, both put writing along with some call writing was seen at multiple OTM strikes. Maximum positions are at 24200 CE closely followed by 24000 CE and 24000 PE.
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 819 Cr in the cash segment, sold index futures worth Rs 3607 Cr and also sold stock futures worth Rs 980 Cr. DIIs too were net sellers in the cash segment to the tune of Rs 418 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24150-24260; Supports 23900-23800
Banknifty – Resistances 57600-58000; Supports 56800-56500
Finnifty – Resistances 26450-26620; Supports 26100- 25980
F&O stocks in ban today: Kaynes
Important Results Today: CIPLA, COROMANDEL, CYIENT, IEX, INDIGO, INFY, MOTILALOFS, MPHASIS, & PVRINOX
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