Nifty Overview & Outlook

The benchmark Nifty index witnessed selling pressure after a post flat opening on weekly expiry day, settled the day on a negative note at 19365 levels, down 100 points from its previous closing values.

Broader market outperformed the benchmark as Midcap & Small cap index ended on a positive note against 0.53% decline of frontline index; resultant, weak market breadth.

Majority of sectoral indices tracked at NSE settled in red. Amongst them, Nifty FMCG and Oil & Gas index witnessed selling pressure down nearly 1% each. On the other hand, Nifty Consumer Durables and PSU Bank index were at the top of the tally gained, 1.79% and 1.43%% respectively.

Technically, Nifty index is still trading in a range for past couple of sessions. Going ahead, we reiterate our short term sideways view on Nifty index till it is trading in 19250-19700 levels on a closing basis. Either side break and sustenance from the said range will open the doors for next directional move in that direction.

Derivatives Overview & Outlook

Yesterday, short buildup was seen in Nifty future and Banknifty future with increase in open interest by 3.5% and 5.6% respectively whereas long unwinding was seen in Finnifty future with decrease in open interest by 0.9%.

On the sectoral front, fresh long buildup was seen in Banking stocks, short buildup was seen in Oil & Gas and Power Telecom stocks whereas some short covering was seen in Infra and Textile shares. Capital goods and Technology share showing initial sign of long unwinding.

On options front, Nifty will start the new weekly expiry with maximum positions at 19300 PE and 19400 CE.

Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 1511 Cr in the cash segment, sold stocks futures and index futures worth Rs. 3556 Cr and Rs. 216 Cr respectively. DIIs were net seller in the cash segment to the tune of Rs 314 Cr.

Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 19480-19545; Supports 19290-19250

Banknifty – Resistances 44260-44370; Supports 43660-43580

Finnifty – Resistances 19670-19740; Supports 19430-19350

F&O stocks in ban today: CHAMBLFERT, DELTACORP, GNFC, GRANULES, HINDCOPPER, IBULHSGFIN, INDIACEM, PNB, SAIL, ZEEL

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