In the last four years, the market was disappointed post AGM, leading to a negative stock price reaction. Geopolitical event around US tariff clouds this AGM as Mukesh Ambani-controlled RIL, along with PSU refiners, is one of the largest consumers of Russian crude.
Mr. Ambani is likely to address the issue of crude sourcing diversification at the AGM to its shareholders and is also likely to address doubling of overall business by 2030 and doubling of Jio and Retail in the next 3-4 years.
Global Stock Market Today
Benchmark Nifty index ended lower at 24500 spot levels after a cut of over 200 points from its previous closing values.
Broader markets underperformed the benchmark as Mid and Small cap indices were down by 1.27% & 1.47% respectively.
All sectoral indices, barring Consumer Durables, tracked at NSE ended in red. Amongst them, IT and Realty were the worst performers, down over 1.5% each.
Going ahead, we reiterate our short term negative view on Nifty index till it is trading below 24850 spot levels on closing basis. Hence suggest traders to maintain sell on rise trading approach for the time being.
Derivatives Overview & Outlook
Yesterday, all index futures moved southward on long unwinding as Nifty, Banknifty, Finnifty and Midcapnifty futures shed 10.8%, 7.3%, 5.1% and 11.3% of open interest respectively on expiry day.
Nifty and Finnifty futures have rolled 84% and 83% of open interest respectively, Banknifty futures have rolled 81% and Midcapnifty futures have rolled 90% of open interest into the next contracts.
On options front, Nifty will start the new weekly contract with maximum positions at 24000 PE and 25000 CE followed by 24800 CE.
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 3857 Cr in the cash segment, sold index futures worth Rs 2868 Cr also sold stocks futures worth Rs 1312 Cr. DIIs were net buyers in the cash segment to the tune of Rs 6920 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24750-24880; Supports 24600-24500
Banknifty – Resistances 54600-54800; Supports 54300-54100
Finnifty – Resistances 26000-26120; Supports 25800-25700
F&O Security in Ban Today: NIL
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