Nifty Overview & Outlook

Benchmark Nifty index opened with a gap on the higher side and settled above 19200 levels after adding 97 points to its previous closing values after lackluster trading session.

Broader markets outperformed the benchmark as Small cap & Mid cap index settled higher, up by 1.21% and 0.76% respectively note leading to strong market breadth.

All the sectoral indices tracked at NSE settled in green. Amongst them, Nifty Realty index was at the top of the tally, gained over 2.5% followed by Nifty Media and Consumer Durable index that were up by 1.38% and 1.22% respectively.

Technically, Nifty index is trading on verge of bullish breakout from the congestion zone of 18800 -19250 levels. Going ahead, crossover and sustenance above 19250 will open the doors for fresh up move up to 19500 and higher levels in immediate short term.

Derivatives Overview & Outlook

Last Friday, short covering was seen in Nifty, and Banknifty futures with decrease in open interest by 2.9% and 5.6% respectively, whereas long buildup was seen in Finnifty future with increase in open interest by 9%.

On sectoral front, long buildup was seen in Reality, Pharma, Automobile, Finance and FMCG stocks whereas short covering was seen in Chemical, Technology and Banking stocks.

On options front, call writing was seen at multiple strikes and maximum positions are at 19200 PE and 19300 CE.

Institutional Trading Activity

Last Week, FIIs sold stocks worth Rs 5548 Cr in the cash segment, bought stocks futures worth Rs. 1437 Cr and sold index futures worth Rs. 470 Cr. DIIs were net buyer in the cash segment to the tune of Rs 5074 Cr.

Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 19460-19540; Supports 19200-19060

Banknifty – Resistances 43920-44250; Supports 43100-42830

Finnifty – Resistances 19670-19750; Supports 19200-19050

BANSCRIPT – GNFC

Key Results Today –BHARATFORG, DIVISLAB, EXIDEIND, GLAND, GSPL, HINDPETRO, JAMNAAUTO, NHPC, POLYPLEX, RADICO, UJJIVAN.

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