Nifty Overview & Outlook

Benchmark Nifty index settled on a flat note at 23696 levels after a lackluster trading session.

Broader markets outperformed the benchmark as Mid and Small cap index gained 0.57% & 1.85% respectively.

Majority of sectoral indices tracked at NSE settled in green. Amongst them, Media, Metal, PSU Bank and Oil & Gas Indices were the top gainers, rose in range 1% to 1.8%. On the other hand, FMCG, Consumer Durables and Realty indices were the laggards, fell in range 1% to 1.85%.

Going ahead, we reiterate our bullish view on Nifty index and suggest traders to maintain buy on dips trading approach till it is trading above 23200 levels on closing basis.

Derivatives Overview & Outlook

Yesterday, Finnifty futures further added 2% of open interest as long buildup along with some short covering in Midcapnifty futures that shed around 1% of open interest whereas no meaningful activities were seen in Nifty and Banknifty futures on open interest front.

Majority of sectoral indices settled higher. Amongst them, Chemical, Pharma and Power stocks witnessed maximum addition of long positions while some short buildup was seen among FMCG and Realty stocks.

On option front, put writing along with call writing was seen at multiple strikes and maximum positions are at 23000 PE followed by 23500 PE and 24000 CE.

Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 1683 Cr in the cash segment, bought index futures worth Rs 633 Cr and sold stocks worth Rs 2639 Cr. DIIs were net buyers in the cash segment to the tune of Rs 996 Cr.

Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 23850-23920; Supports 23680-23600

Banknifty – Resistances 50700-51000; Supports 50200-50000

Finnifty – Resistances 23810- 23920; Supports 23650-23550

F&O Security in Ban Today: NIL

Important Results Today : APOLLOTYRE, AUROPHARMA, BDL, BHARTIARTL, HEROMOTOCO, RECLTD, SBIN.

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