Nifty Overview & Outlook

Benchmark index Nifty hit 23000 mark for the first time! Following a record-breaking surge in the previous session, the Indian benchmark index Nifty experienced a lull day on Friday. Beginning with a flat to negative note, Nifty briefly climbed to set a new high but failed to sustain momentum, ultimately closing flat Meanwhile, Bank Nifty continued its strong performance for the second consecutive day, marking a 0.4% gain.

On the broader market front, both Midcap and Smallcap sectors surpassed the benchmark index, registering gains of 0.2% and 0.5% respectively.

Sector-wise, Media emerged as the top performer with a 1% increase, followed by NBFCs and Banks. Conversely, Nifty FMCG dragged down the markets, posting a decline of 0.8%.

Nifty is steadily progressing towards the upper trendline of the channel pattern, maintaining a consistent pattern of higher highs and higher lows over the past four trading sessions. Immediate resistance levels are placed at 23100-23150, while support levels remain at 22785 and 22715.

Derivatives Overview & Outlook

Last Friday, long buildup was seen in Nifty, Banknifty, Finnifty and Midcap nifty futures with increase in open interest by 4%, 4.1% 38.7% and 14.3% respectively.

Performance on the sectoral front was mix. Amongst them, long buildup was observed in Automobile, Chemical and Telecom stocks whereas some short buildup was seen in Infrastructure, Pharma and Realty stocks.

On options front, put writing along with call writing was seen at multiple strikes and maximum positions are at 23000 PE followed by 22500 & 23500 CE closely followed by 23000 CE.

Institutional Trading Activity

Last week, FIIs bought stocks worth Rs 2384 Cr in the cash segment, bought stocks futures worth Rs 6367 Cr and also bought index futures worth Rs 3074 Cr. DIIs were net buyer in the cash segment to the tune of Rs 6978 Cr during the week.

Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 23100-23200; Supports 22950-22850

Banknifty – Resistances 492000-49400; Supports 48700-48500

Finnifty – Resistances 21950-22000; Supports 21800-21700

F&O Securities in Ban Today – BANDHANBNK, BIOCON, GNFC, HINDCOPPER, IDEA, INDIACEM, NATIONALUM, PEL, PNB.

Important Results Today– ASTRAZEN, GMDCLTD, JAICORP, LICI, NATIONALUM, SUMICHEM, WSTCSTPAPR.

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