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Overview and Outlook
Global Stock Market Today
- US equity markets settled lower in range 0.23% to 1.57%.
- European equity markets ended on a flat to negative note.
- Asian equity markets are trading mix.
- GIFT Nifty is little changed, Nifty futures likely to open around 26020 levels.
Benchmark Nifty index ended lower at 25878 spot levels, down 176 points from its previous closing values.
Broader markets outperformed the benchmark as Mid and Small cap indices ended on a flat note.
All sectoral indices, barring Realty, ended in red. Amongst them, Banking, Finance, Pharma and Healthcare indices were down over 0.5% each.
Technically, Nifty index is hovering in a congestion range (25700-26100 spot zone) around its 52 weeks highs. Overall chart structure is positive, cross and sustenance above 26100 will instigate the buying momentum. Considering its current chart structure, we maintain our buy on dips trading approach till it is trading above 25600 spot levels on closing basis.
Derivatives Overview & Outlook
Yesterday, short buildup was seen in Nifty futures with an increase in open interest by 7.2% along with some long unwinding in Banknifty futures with decrease in open interest by around 2%, whereas no significant changes were seen among Finnifty and Midcapnifty futures on option front.
All F&O sectoral indices, baring Oil & Gas and Realty, settled lower. Amongst them, Finance, Pharma, Technology and Telecom stocks witnessed maximum addition of short positions whereas some long buildup was observed in Realty stocks.
On options front, further call writing was seen at multiple strike. Maximum positions are at 27000 CE followed by 26000 CE and 25000 PE. Quantum of call positions is significantly higher than the quantum of put positions which indicates weakness in price.
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 3078 Cr in the cash segment, sold stocks futures worth Rs 3579 Cr also sold index futures worth Rs 2390 Cr. DIIs were net buyers in the cash segment to the tune of Rs 2469 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 26120-26200; Supports 25980-25900
Banknifty – Resistances 58600-58800; Supports 58200-58000
Finnifty – Resistances 27620-27700; Supports 27450-27200
F&O Security in Ban Today: NIL.
Important Results Today: ACC, BANKBARODA, BEL, BPCL, GAIL, GODREJCP, LALPATHLAB, PATANJALI, ZENSARTECH.
Disclosure
Globe Capital Market Limited (“GCML”) is a Stock Broker registered with BSE, NSE, MCX, NCDEX, and MSEI in all the major segments viz. Capital, F & O and CDS segments. GCML is also a Depository Participant and registered with both the Depositories viz. CDSL and NSDL. Further, GCML is a SEBI registered Portfolio Manager and Research Analyst. GCML includes subsidiaries, group and associate companies, promoters, directors, employees and affiliates.
AY Securities and Commodities Limited, Globe Derivatives and Securities Limited & Globe Fincap Limited are subsidiaries of GCML. AtoZ Finstock Private Limited, A to Z Consultants Private Limited, A to Z Venture Capital Limited, M. Agarwal Stock Brokers Private Limited, A M Share Brokers Private Limited, Shri Adinath Advertising Company Pvt. Ltd., Orient Landbase Private Limited, Bolt Synthetic Private Limited, Price ponder Private Limited, Lakshya Impex Private Limited and Launchpad Fintech Private Limited are associates of GCML.
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