Nifty Overview & Outlook

The benchmark Nifty index opened with gap oh higher side and kept the bullish momentum throughout the session and settled at 18499, added nearly 200 points to its previous closing values.

Midcap cap index performed in line with the benchmark while Small cap index underperformed the benchmark as it was up by 0.46%. Despite that market breadth was flat.

All the sectoral indices tracked at NSE settled higher. Amongst them, Nifty Media was at the top of the tally, up over 2% followed by FMCG, IT, Metal, Pharma and PSU Bank index that rose over 1% each.

Technically, Nifty witnessed breakout from the congestion zone (18050-14450 levels) of last 3 weeks. Going ahead, it is likely to trade northward in near term and we expect it to test 18600 and higher levels.

Derivatives Overview & Outlook

On Friday, Nifty, Banknifty & Finnifty futures added around 11%, 2% & 28% of open interest respectively as long buildup.

All F&O sectors settled higher. Amongst them, IT, Metal and Chemical stocks witnessed maximum addition of long positions while some short buildup was seen among Textile stocks.

On options front, put writing was seen at multiple strikes with maximum writing at 18400 strikes and maximum positions are at 18400 PE and 19000 CE.

Institutional Trading Activity

Last week, FIIs bought stocks worth Rs 5466 Cr in the cash segment, bought stocks futures worth Rs 2831 Cr and also bought index futures worth Rs 598 Cr. DIIs were net buyers in the cash segment to the tune of Rs 3482 Cr during the week.

Nifty Futures & Bank Nifty Futures Key Levels

Nifty – Resistances 18650-18725; Supports 18450-18380

Banknifty – Resistances 44150-44500; Supports 43750-43400

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