Nifty Overview & Outlook

The benchmark Nifty index settled higher at 18716 levels after adding 115 points to its previous closing values.

Mid cap index outperformed the benchmark as it was up over 1% while the Smallcap index performed in line with the benchmark. The market breadth was heavily inclined towards the advancing side as over 1.5 advances were recorded for every declining share at NSE.

All sectoral indices, barring Auto, tracked at NSE settled in green. Amongst them, Realty index was the top performer, soared over 3% followed by Media, Consumer Durables and FMCG index that gained in the range 1.44% to 1.78%.

Nifty index is well placed on multiple time frames. Going ahead, we reiterate our bullish view on the Nifty index and suggest traders maintain buy on dips trading strategy till it is holding above 18400 levels on a closing basis.

Derivatives Overview & Outlook

Yesterday, no significant activity was seen among Nifty, Banknifty futures on open interest front. On the other hand, Finnifty futures added around 11% of open interest as long buildup.

Majority of F&O sectors settled higher. Amongst them, Telecom, Textile and Capital Good stocks witnessed maximum addition of long positions.

On options front, put writing was seen at multiple strikes and maximum positions are at 18700 PE and 18700 CE.

Institutional Trading Activity

Yesterday, FIIs bought stocks worth Rs 1678 Cr in the cash segment, bought stocks futures worth Rs 786 Cr and also bought index futures worth Rs 615 Cr. DIIs were net sellers in the cash segment to the tune of Rs 203 Cr.

Nifty Futures & Bank Nifty Futures Key Levels

Nifty – Resistances 18850-18950; Supports 18680-18600

Banknifty – Resistances 44500-44750; Supports 44050-43800

Finnifty – Resistances 19600-19660; Supports 19400-19300

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