Nifty Overview & Outlook

The benchmark Nifty index witnessed an early downtrend but managed to recover from its day low to end the day on a higher note above 19600 levels after adding 61 points to its previous closing values.

Broader market outperformed the benchmark as Small cap & midcap index was up by 0.59% & 0.49% respectively; resultant, flat market breadth.

Majority of sectoral indices tracked at NSE settled in green. Amongst them, Nifty Media & Metal index was at the top of the tally rallied over 2% followed by Oil & Gas and Auto index that were up 1% each. On the other hand, Nifty Realty was the worst performer, down over 1%.

Nifty index is well placed on multiple chart frames and snapped two days losing streak to end higher. Going ahead, we reiterate our short term sideways view on Nifty index till it is trading in 19300-19800 range. Either side break from this range will open the doors for next directional move in that direction.

Derivatives Overview & Outlook

Yesterday, short covering was seen in Nifty futures with decrease in open interest by 0.2%. Long unwinding was seen in Banknifty and Finnifty futures with decrease in open interest by 4% and 1.7% respectively.

On the sectoral front, long buildup was seen in Capital Goods, Media, Metals, Oil & Gas stocks. Fresh some short buildup was seen in Banking, FMCG, Realty and Telecom shares.

On options front, put writing was seen at multiple strikes and maximum positions are at 19500 PE and 19800 CE.

Institutional Trading Activity

Yesterday, FIIs bought stocks worth Rs 644 Cr in the cash segment, sold stocks futures and index futures worth Rs. 1980 Cr and Rs 323 Cr respectively. DIIs were net sellers in the cash segment to the tune of Rs 598 Cr.

Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 19750-19830; Supports 19500-19430

Banknifty – Resistances 45270-45440; Supports 44660-44470

Finnifty – Resistances 20215-20300; Supports 19950-19880

F&O stocks in ban today: BALRAMCHIN, CHAMBLFERT, DELTACORP, HINDCOPPER, IBULHSGFIN

Important Results Today: APOLLOTYRE, BIOCON, CONCOR, GICRE, GRAPHITE, GRASIM, HEROMOTOCO, IBREALEST, MAZDOCK, MOTHERSON, NCC, PIDILITIND, POLYPLEX, SAIL

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