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Benchmark Nifty index ended lower at 24650 spot levels after a cut of 73 points from its previous closing values.

Broader markets fell in line with the benchmark as Mid and Small cap indices were down 0.39% & 0.16% respectively.

Majority of sectoral indices, tracked at NSE, settled on a flat to negative note. Amongst them, Oil & Gas, Pharma and FMCG index were the top losers, down in range 0.5% to 1%.

Technically, Nifty index is hovering around its 100 EMA on daily charts but overall chart structure is weak. Going ahead, we uphold our sell on rise trading approach till it is trading below 25000 spot levels on closing basis. Positional supports are placed around 24200 spot levels.

Derivatives Overview & Outlook

Yesterday, Banknifty futures added around 18% of open interest as short buildup along with some long unwinding in Midcapnifty futures that shed around 1% of open interest, while no meaningful activity was seen in Nifty and Finnifty futures on open interest front.

Performance on the sectoral front was mix. Amongst them, Banking, Finance and Infrastructure stocks witnessed maximum addition of short positions whereas some long buildup was seen in Automobile and Metal stocks.

On the option front, call writing along with some put writing was seen at multiple strikes. Maximum positions are at 25000 CE followed by 24800 CE and 24000 PE followed by 24600 PE. Options data is showing negative sentiment having immediate resistance in 24800-25000 zone and supports around 24600-24530 spot levels.

Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 22 Cr in the cash segment, sold index futures worth Rs 2249 Cr also sold stocks futures worth Rs 3274 Cr. DIIs were net buyers in the cash segment to the tune of Rs 3840 Cr

Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels

Nifty – Resistances 24800-24900; Supports 24600-24500

Banknifty – Resistances 55800-56200; Supports 55200-55000

Finnifty – Resistances 26600- 26680; Supports 26400-26300

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