Nifty index settled nearly 100 points higher after lackluster trading session.
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Nifty just like Newton’s apple has fallen from dearly 18100 levels but today a halt has been noticed on 17500 levels. After making a low of 17429, index rallied towards 17667, approx 238 points and managed to close near day’s high – 17622.
Nifty PSU Bank index closed 2.03% higher. Indian bank, Bank of India, Bank of Baroda, Uco Bank and State Bank of India are major contributors of index, making it as highest gaining index.
Nifty Metal was major loser, closing 0.45% lower. National aluminum, Vedanta, Jindal Steel fell the most.
If the benhcmark index manages to stay above 17708 with good probability we can reach 17800. On contrary, if nifty break and stay below 17420, the next level would be 17320.
While making any position in index or stocks, trader should keep upcoming major event of Fed’s rate hike coming on 21st September which will ultimately be making market a volatile place.
Derivatives Overview & Outlook
Yesterday, No significant activity was seen among Nifty and Banknifty futures on price as well as on open interest front.
On sectoral front, long buildup was seen among Auto stocks whereas some short buildup was seen among Telecom and Oil & Gas stocks.
On options front, put writing was seen at multiple strikes and maximum positions are at 17500 PE and 18000 CE.
FII & DII Trading Activity
Yesterday, FIIs bought stocks worth Rs 312 Cr in the cash segment, bought stocks futures worth Rs 42 Cr and also bought index futures worth Rs 1173 Cr. DIIs were net sellers to the tune of Rs 95 Cr.
Nifty Futures & Bank Nifty Futures Key Levels
Nifty Futures – Resistances 17725-17825; Supports 17550-17450
Banknifty Futures – Resistances 41300-41650; Supports 40750-40500
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