Nifty Overview & Outlook

The Benchmark Nifty index extended gains for the seventh consecutive trading session and settled at new record high near 19500 levels after adding 98 points to its previous closing values.

The Broader market outperformed the benchmark as Mid and Small cap index gained nearly 1% each.

Majority of sectoral indices tracked at NSE settled in green. Amongst them, Nifty Realty was at the top of the tally gained, over 2% followed by Oil & Gas and Media index that rose 1.89% & 1.71% respectively.

Nifty index is well placed on multiple chart frame, however, possibility of some profit taking can not be ruled out at this juncture. Going ahead, we reiterate our bullish view on Nifty index and suggest traders to maintain buy on dips trading strategy till index is holding above 19000 levels on closing basis.

Derivatives Overview & Outlook

Yesterday, Nifty and Banknifty futures added around 6% & 7% of open interest respectively as long buildup
whereas Finnifty futures remained almost unchanged on price as well as on open interest front.
Majority of F&O sectors settled higher. Amongst them, Media, Realty, Oil & Gas and Auto stocks witnessed maximum addition of long positions.
On options front, Nifty will start the new weekly contracts with maximum positions at 19400 PE and 19500 CE.

Institutional Trading Activity

Yesterday, FIIs bought stocks worth Rs 2641 Cr in the cash segment, bought stocks futures worth Rs 2958 Cr and also bought index futures worth Rs 780 Cr. On the other hand, DIIs were net sellers in the cash segment to the tune of Rs 2352 Cr.

Nifty Futures & Bank Nifty Futures Key Levels

Nifty – Resistances 19550-19640; Supports 19380-19310

Banknifty – Resistances 45570-45700; Supports 45040-44800

Finnifty – Resistances 20380-20470; Supports 20120-20020

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