Nifty Overview & Outlook

The benchmark Nifty index settled on a flat to positive note, closed shop at 18756 levels after adding 40 points to its previous closing values.

Broader markets performed in line with the benchmark as Mid and Small cap index were up 0.25% & 0.12% respectively; resultant, market breadth was almost flat.

Performance on the sectoral front was mix. Amongst them, Nifty Metal and Oil & Gas Index were at the top of the tally, rose 1.42% & 0.91% respectively. On the other hand, Media index witnessed some selling pressure, fell over 0.5%.

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

Derivatives Overview & Outlook

Yesterday, Nifty, Banknifty and Finnifty futures remained almost unchanged on price front whereas on open interest front Nifty and Finnifty futures added around 6% & 14% of open interest while Banknifty futures shed around 1% of open interest.

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

On options front, put writing was seen at multiple strikes along with call writing at multiple strikes and maximum positions are at 18700 PE and 18900 CE.

Institutional Trading Activity

Yesterday, FIIs bought stocks worth Rs 1715 Cr in the cash segment, sold stocks futures worth Rs 608 Cr and bought index futures worth Rs 758 Cr. DIIs were net sellers in the cash segment to the tune of Rs 655 Cr.

Nifty Futures & Bank Nifty Futures Key Levels

Nifty – Resistances 18880-19000; Supports 18740-18680

Banknifty – Resistances 44325-44550; Supports 44000-43750

Finnifty – Resistances 19540-19660; Supports 19380-19300

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