Tracking negative cues from the global peers, benchmark Nifty index opened with a big gap on the down side. Eventually recovered most of the lost ground to settle above 18000 levels.
Global Market Update
News highlights from across the globe
Important news updates from the domestic front
Tracking negative cues from the global peers, benchmark Nifty index opened with a big gap on the down side. Smart recovery led by Banking and Metal stocks helped the benchmark index to recover the lost grounds and it managed to settle above 18000 levels.
Broader markets too performed in line with benchmark as Mid and Small cap index settled on flat to negative note. Market breadth was slightly tilted towards the negative side.
Performance on the sectoral front was mix. Nifty PSU bank index was at the top of the tally, rose nearly 2% followed by Metals and Pvt Bank index that gained 1.58% & 1.50% respectively.
Going ahead, we upheld our bullish view on Nifty index till it is holding above 17750 levels. Crossover and sustenance above 18100 levels will open the doors for further upmove towards 18400 levels in immediate near term.
Derivatives Overview & Outlook
Yesterday, Nifty futures shed around 1% of open interest as long unwinding whereas Banknifty futures added around 8% of open interest as long buildup.
On the sectoral front, long buildup was seen among Banking and Cement stocks whereas some short buildup was seen among IT stocks.
On options front, call writing was seen at multiple strikes and maximum positions are at 18200 CE and 17900 CE.
FII & DII Trading Activity
Yesterday, FIIs sold stocks worth Rs 1398 Cr in the cash segment, sold stocks futures worth Rs 1741 Cr and also sold index futures worth Rs 2030 Cr. DIIs were net buyers in the cash segment to the tune of Rs 188 Cr.
Nifty Futures & Bank Nifty Futures Key Levels
Nifty Futures – Resistances 18125-18200; Supports 17900-17800
Banknifty Futures – Resistances 41700-42000; Supports 41150-40900
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