Nifty Overview & Outlook

The benchmark Nifty index opened with a gap on the higher side and settled higher at 19597 levels after adding 80 points to its previous closing values.

Small cap index underperformed the benchmark as it ended on a flat to positive note while Mid Cap index performed in line with the benchmark; resultant, flat Market breadth.

Majority of sectoral indices tracked at NSE settled in green. Amongst them, Nifty Healthcare Index was at the top of the tally, rose over 2% followed by IT & Pharma index that settled higher 1.56% and 1.13% respectively. On the other hand, Nifty PSU Bank led the decline down over 0.50%.

Technically, Nifty index is 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 19300-19800 levels.

Derivatives Overview & Outlook

Yesterday, short covering was seen in Nifty futures as open interest decreased by 0.8%. Short buildup was seen in Banknifty futures with rise in open interest by 2.8% and Finnifty futures shown long buildup with with increase in open interest by 14%.

On the sectoral front, long buildup was seen in Infrastructure, Pharma and Technology stocks whereas short buildup was seen in Chemicals, Realty and Textile shares.

On options front, put writing was seen at multiple strikes and maximum positions are at 19500 PE and 19600 CE.

Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 1893 Cr in the cash segment, bought stocks futures and index futures worth Rs. 1397 Cr and Rs 636 Cr respectively. DIIs were net buyer in the cash segment to the tune of Rs 1081 Cr. 

Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 19710-19785; Supports 19500-19435

Banknifty – Resistances 45260-45400; Supports 44650-44480

Finnifty – Resistances 20220-20280; Supports 19990-19910

F&O stocks in ban today: INDIACEM, GNFC, BALRAMCHIN, HINDCOPPER, IBULHSGFIN, PEL

Important Results Today: AARTIIND, ADANIPORTS, COALINDIA, DATAPATTNS, DHAMPURSUG, DISHTV, EIHOTEL, GSFC, HAPPSTMNDS, HINDALCO, IRCON,  MIDHANI, OIL

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