Nifty Overview & Outlook

The benchmark Nifty index opened with a gap on the higher side but failed to sustain at higher levels and settled near day’s low at 19347 levels to end the day on a flat note.

Broader markets outperformed the benchmark as Small cap & Mid-cap index ended higher, up 1.03% and 0.86% respectively against the flat closing of the frontline index.

Majority of sectoral indices tracked at NSE settled in green. Amongst them, Nifty Realty and Metal index led the advances, up by 1.41% and 0.92% respectively followed by Nifty Auto, FMCG and IT index that were up over 0.5% each. On the other hand, Nifty Bank and Financial services was the worst performer, down over 0.5%.

Technically, Nifty index is well placed on multiple chart frames and 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 19250-19650 levels.

Derivatives Overview & Outlook

Yesterday, no major changes was observed on price front in all three major futures indices while on open interest front Nifty future shown short covering with a decrease in open interest by 2.7%, short buildup was seen in Banknifty futures and Finnifty futures with an increase in open interest by 4.4% and 8% respectively.

Nifty and Banknifty futures rolled 59% & 56% of open interest respectively into next contracts so far.
On options front, both call writing and put writing was seen at multiple strikes and maximum positions are at 19300 PE and 19500 CE.

Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 495 Cr in the cash segment, bought stock futures worth Rs 1930 Cr and sold index futures worth Rs. 13 Cr. DIIs were net buyers in the cash segment to the tune of Rs 1323 Cr.

Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 19415-19465; Supports 19280-19210

Banknifty – Resistances 44570-44800; Supports 43980-43780

Finnifty – Resistances 19950-20040; Supports 19660-19540

F&O stocks in ban today: BHEL, IBULHSGFIN

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