Benchmark Nifty index settled at 17895 levels after a cut of 62 points from its previous closing values in an otherwise lackluster trading session.
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Benchmark Nifty index opened with a gap on the higher side but failed to hold the higher levels and settled at 17895 levels after a cut of 62 points from its previous closing values in an otherwise lackluster trading session.
Broader markets performed in line with benchmark; resultant, market breadth was tilted towards the declining side as 1332 declines were registered against 941 advances at NSE.
Majority of sectoral gauges, tracked at NSE, settled in red. Amongst them, Media and Metal index were the worst performers, fell 1.36% & 1.32% respectively. On the other hand, PSU bank index was the top performer, gained 1.57% followed by IT index that was up just over 1%.
Going ahead, we reiterate our sideways view on Nifty index till it is trading in 17750-18250 spot levels. Either side break from this range will lead to next directional move that direction.
Derivatives Overview & Outlook
Yesterday, both Nifty and Banknifty futures remained almost unchanged on the open interest front.
Majority of F&O sectors settled lower. Amongst them, Media and Textile stocks witnessed maximum addition of short positions.
On options front, call writing was seen at multiple strikes and maximum positions are at 17900 PE and 18000 CE.
FII & DII Trading Activity
Yesterday, FIIs sold stocks worth Rs 751 Cr in the cash segment, sold stocks futures worth Rs 774 Cr and also sold index futures worth Rs 1165 Cr. DIIs were net buyers in the cash segment to the tune of Rs 686 Cr.
Nifty Futures & Bank Nifty Futures Key Levels
Nifty Futures – Resistances 18050-18130; Supports 17850-17750
Banknifty Futures – Resistances 42550-42800; Supports 42000-41880
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