Nifty Overview & Outlook

The benchmark Nifty experienced a subdued movement throughout the trading session, ultimately concluding with a flat to negative close. Similarly, the Bank Nifty ended the session on a flat note.

Conversely, the Midcap index observed its second consecutive session of decline, significantly underperforming the benchmark index by dropping nearly 1% after initial Open-High. The Small cap index also struggled, marking its fifth consecutive intraday decline with losses of 1.5%.

Sectoral performance displayed a mixed pattern, with PSU Banks leading the downturn with a 3.7% decline. Nifty Media followed suit with a decrease of more than 2%. In contrast, Nifty Realty emerged as the top performer, fueled by buoyant quarterly numbers from Godrej Properties. Nifty IT also made gains, rising by almost 1%.

With limited movement, the Nifty currently maintains its Triple Top form. Thereby, we maintain our support near the 38.2% retracement level of the recent upward rally i.e 22406 spot levels, suggesting potential for continued rebound in the near term.

Derivatives Overview & Outlook

Yesterday, no significant activity in all three major indices was seen on price front, whereas on open interest front, short buildup was seen in Nifty, Finnifty and Bank Nifty futures with addition of open interest by 5.6%, 4.3% and 1.7% respectively.

Majority of sectoral indices settled lower. Amongst them, Banking, Finance, Oil & Gas and Power stocks witnessed addition of short positions whereas long buildup was seen in Realty, Pharma and Technology stocks.

On options front, call writing was seen at multiple strikes and maximum positions are at 22800 CE and 22500 PE  followed by 22000 PE.

Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 2169 Cr in the cash segment, bought index futures worth Rs 536 Cr and also bought stocks futures worth Rs 167 Cr. DIIs were net buyer in the cash segment to the tune of Rs 781 Cr.

Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 22600-22680; Supports 22350-22300

Banknifty – Resistances 49200-49500; Supports 48700-48500

Finnifty – Resistances 21800-21880; Supports 21700-21650

F&O Securities in Ban Today – ABFRL, BALRAMCHIN, BIOCON, GMRINFRA , IDEA , SAIL.

Important Results Today– CHAMBLFERT, DELTACORP, DRREDDY, GRAPHITE, IDFC, IGL, NAVINFLUOR, PIDILITIND

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