Nifty Overview & Outlook

The benchmark Nifty index settled lower at 19745 levels, down over 200 points from its previous closing values after the highly volatile trading session.

Small cap index outperformed the benchmark as it was up by 0.72% while midcap index ended on a flat to negative note.

Majority of sectoral indices tracked at NSE settled in red. Amongst them, Nifty IT led the declines, tumbled over 4% followed by Nifty Consumer Durables and FMCG index that was down over 1%. On the other hand, Nifty Auto, Media and PSU Bank Index witnessed some buying interest, settled on a flat to positive note.

Technically, Nifty index ended on a weak note and formed a bearish red candlestick on a daily chart. Going ahead, Nifty is expected to trade sideways until it is trading 19500-19900 range.

Derivatives Overview & Outlook

Last Friday, Nifty futures shed around 4% of open interest as long unwinding while no significant activity was seen among Banknifty & Finnifty futures on price as well as on open interest front.

On the sectoral front, long buildup was seen in Chemicals, Media, Telecom and Oil & Gas shares while some short buildup seen in among Cement, Metals and IT shares.

On options front, call writing was seen at multiple strikes and maximum positions are at 19800 PE and 19900 CE.

Institutional Trading Activity

Last week, FIIs bought stocks worth Rs 7867 Cr in the cash segment, bought stocks futures worth Rs 3521 Cr and sold index future worth Rs 160 Cr. DIIs were net seller in the cash segment to the tune of Rs 777 Cr.

Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 19960-19900; Supports 19630-19550

Banknifty – Resistances 46300-46450; Supports 45550-45430

Finnifty – Resistances 20650-20720; Supports 20360-20240

F&O ban list today: BALRAMCHIN, DELTACORP, IBULHSGFIN, L&TFH, MANAPPURAM, PNB

Important Results Today: CANBK, HDFCAMC, IDBI, J&KBANK, JKPAPAER, PNBHOUSING, RELAXO, SRF, TSTSTEEL, TVSMOTOR

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