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Benchmark Nifty index settled lower at 24574 spot levels down 75 points from its previous closing values.

Broader markets underperformed the benchmark as Mid and Small cap indices were down 0.8% & 1.13% respectively.

All sectoral indices, barring PSU bank index, ended in red. Amongst them, Pharma, Health Care, IT and Realty index were the worst performers, down in range 1.5% to just over 2%.

Going ahead, we continue to uphold our bearish stance on Nifty index with sell on rise trading approach till we are trading below 24900 spot levels on closing basis. Positional supports are placed around 24200 spot levels that will act as a value buying zone.

Derivatives Overview & Outlook

Yesterday, Midcapnifty and Nifty futures added around 2% & 1% of open interest respectively as short buildup whereas no meaningful activities were seen in Banknifty and Finnifty futures on open interest as well as on price front.

All F&O sectors barring, Banking and Textile, settled on a negative note. Amongst them, Metals, Power and Technology stocks witnessed maximum addition of short positions along with some long unwinding in Chemical stocks.

On options front, further call writing was seen at multiple strikes. Maximum positions are at 25000 CE followed by 24700 CE and 24000 PE followed by 24600 PE. Quantum of call positions is significantly higher than the quantum of put positions that is a negative sign.

Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 4999 Cr in the cash segment, sold stocks futures worth Rs 1398 Cr and bought index futures worth Rs 342 Cr. DIIs were net buyers in the cash segment to the tune of Rs 6794 Cr

Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels

Nifty – Resistances 24750-24850; Supports 24500-24400

Banknifty – Resistances 55900-56500; Supports 55200-55000

Finnifty – Resistances 26600- 26680; Supports 26400-26300

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