Nifty Overview & Outlook

The Benchmark Nifty index ended on a flat to positive note, closed shop at 18691 levels with a marginal gain of 25 points to its previous closing values.

Broader markets outperformed the benchmark as Midcap and small-cap index ended higher by 0.78% and 0.62% respectively against the flat closing of the frontline index.

All the sectoral indices, barring PSU Bank and Oil & Gas, tracked at NSE settled in green. Pharma and Healthcare index gained over 1.5% each followed by Nifty Auto, Consumer Durable, Metal and FMCG index that were up in range 0.68% to 1.15% each.

Technically, Nifty index might trade in sideways manner in immediate near term in range 18500-18900 levels. Going ahead, we reiterate our bullish view on nifty index till it is holding above 18500 levels on closing basis. Crossover and sustenance above 18900 levels open the doors for further up move in near term.

Derivatives Overview & Outlook

Yesterday, Nifty, Banknifty and Finnifty futures remained almost unchanged on the price front whereas on open interest front Nifty & Finnifty futures added around 2% & 25% of open interest while Banknifty futures shed around 4% of open interest.

Nifty, Banknifty and Finnifty futures have rolled 35%, 37% & 42% of open interest respectively into next contracts so far.

On options front, call writing was seen at multiple strikes along with put writing at multiple strikes and maximum positions are at 18700 PE and 18800 CE.

Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 409 Cr in the cash segment, bought stocks futures worth Rs 1948 Cr and also bought index futures worth Rs 263 Cr. DIIs were net buyers in the cash segment to the tune of Rs 250 Cr.

Nifty Futures & Bank Nifty Futures Key Levels

Nifty – Resistances 18800-18900; Supports 18650-18550

Banknifty – Resistances 43850-44100; Supports 43500-42300

Finnifty – Resistances 19630-19740; Supports 19460-19350

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