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Benchmark Nifty index ended lower at 26042 spot levels, down 100 points from its previous closing values after a lackluster trading session.

Broader markets fell in line with the benchmark as Mid and Small cap indices ended on a flat to negative note.

Majority of sectoral indices ended on a flat to negative note. Amongst them, Nifty IT was the top loser, down over 1% followed by Media, Auto and Financial Services index that were down around 0.5% each. On the other hand, Metal index managed to post some meaningful gains, rose 0.59%.

Nifty index is hovering in range (25700-26300 spot zone) in absences of fresh global or domestic cues having immediate supports around 25950 spot levels and resistance around 26150-26230 spot levels.

Derivatives Overview & Outlook

Last Friday, long unwinding was seen among Banknifty and Finnifty futures with decrease in open interest by 5.8% and 1.2%. On the other hand, no significant change was observed in Nifty and Midcapnifty futures on open interest front.

Majority of sectoral indices settled on a negative note. Amongst them, FMCG, Metal and Realty stocks witnessed maximum addition of long positions whereas some long unwinding was seen among Oil & Gas and Technology stocks.

On option front, call writing along with put unwinding was seen at multiple OTM strikes. Maximum positions are at 26200 CE closely followed by 26100 CE and 26000 PE. These options data continues to reflect a negative sentiments having immediate supports around 25950 and resistance around 26150-26230 spot levels.

Institutional Trading Activity

Last week, FIIs sold stocks worth Rs 3035 Cr in the cash segment, bought stocks futures worth Rs 5034 Cr also bought index futures worth Rs 4675 Cr. DIIs were too net buyers in the cash segment to the tune of Rs 12024 Cr during last week.

Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels

Nifty – Resistances 26150-26250; Supports 25960-25850

Banknifty – Resistances 59300-59500; Supports 58800-58500

Finnifty – Resistances 27600-27700; Supports 27350-27280

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