- US equity markets ended on flat note.
- European markets ended on mix note.
- Asian equity markets are trading in green.
- GIFT Nifty is trading up by 10 point (as on 8:30AM), Nifty futures likely to open around 19600 levels.
India's Monetary Policy Committee is likely to maintain the status quo on the RBI's key lending rate amid easing inflation and resilient economic activity even as headwinds from higher oil prices and erratic monsoons intensify. The benchmark policy repo rate currently stands at 6.50%.
Global Stock Market Today
News highlights from across the globe
Important news updates from the domestic front
Nifty Overview & Outlook
Benchmark Nifty index opened with a gap on the higher side and settled at 19545 levels after adding 109 points to its previous closing values in an otherwise lackluster trading session.
Small cap index traded inline with benchmark, rose over 0.5% while Mid cap index underperformed the benchmark as it settled on a flat note.
Performance on the sectoral front was mix. Nifty Media was at the top of the tally, gained 1.58% followed by IT and Auto index that rose nearly 1% each. On the other hand, PSU bank index led the declines, fell 0.51%.
Going ahead, we reiterate our short term negative view on Nifty index and suggest traders to maintain sell on rise trading strategy till it is trading below 19700 levels, on the down side, support is placed around 19200 levels.
Derivatives Overview & Outlook
Yesterday, long buildup was seen in Nifty futures with increase in open interest by over 6% whereas long unwinding was seen in Banknifty and Finnifty futures with decrease in open interest by 4% and 6%.
On sectoral front, long buildup was seen in Capital Good, Media and Realty stocks whereas short buildup was seen in Pharma, Cement, and Telecom stocks.
On options front, Nifty will start the new weekly contract with maximum positions at 19500 PE and 19600 CE.
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 1864 Cr in the cash segment, bought stocks futures and index futures worth Rs 1501 Cr and Rs 524 Cr respectively. DIIs were net buyer in the cash segment to the tune of Rs 521 Cr.
Nifty Futures, Banknifty Futures and Finnifty Key Levels
Nifty – Resistances 19670-19770; Supports 19450-19370
Banknifty – Resistances 44700-44900; Supports 44100-43800
Finnifty – Resistances 19950-20050; Supports 19650-19550
BANSCRIPT
DELTACORP, IBULHSGFIN, MANAPPURAM, PNB
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