The benchmark nifty index ended on a flat note at 17398 levels after adding just 38 points to its previous closing values.
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Nifty Outlook
The benchmark nifty index ended on a flat note at 17398 levels after adding just 38 points to its previous closing values.
The broader market outperformed the benchmark as Small-cap and Mid-cap indices were up by 0.74% and 0.37% respectively. The market breadth was inclined towards the advancing side as 1604 advances were recorded against 377 declines at NSE.
Majority of sectoral indices tracked at NSE settled higher. Amongst them, Nifty Auto and PSU Bank index were at the top of the tally rose over 1% followed by Nifty Pvt Bank and Realty index that were up nearly 1% each.
Going ahead, we reiterate our bullish view on Nifty index till it is holding above 17200-17250 zone, and it is likely to trade northward and might test 17500-17550 levels in the near term.
Derivatives Overview & Outlook
On Monday, Nifty and Banknifty futures shed around 8% & 30% of open interest respectively as short covering whereas Finnifty futures added around 57% of open interest as long buildup.
Majority of F&O sectors settled higher. Amongst them, Auto and Pharma stocks witnessed maximum addition of long positions whereas Infra and Power stocks moved higher on short covering while some short buildup was seen among Oil & Gas and Textile stocks.
On options front, put writing was seen at multiple strike along with call writing at multiple strikes and maximum positions are at 17000 PE followed by 17200 PE and 17700 CE followed by 17500 CE.
FII & DII Trading Activity
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