Benchmark Nifty index settled higher at 17871 levels, up 150 points from its previous closing values.

Broader markets performed in line with benchmark. Market breadth was tilted towards the advancing side.

All the sectorial indices tracked at NSE settled higher. Amongst them, Metal index was at the top of the tally, gained nearly 4% followed by Nifty IT and Pharma index that rose nearly 1.5% each.

Nifty index is still trading in the same range i.e. 17600-17900 spot levels. Going ahead, crossover and sustenance from this range is required for any sustainable move in that direction, until then, it is likely to trade sideways.

Derivatives Overview & Outlook

Yesterday, Nifty futures shed around 3% of open interest as short covering whereas Banknifty future remained almost unchanged on the price front and added 2% of open interest.

Majority of F&O sectors settled higher. Amongst them, IT, Oil & Gas and Pharma stocks witnessed maximum addition of long positions.

On options front, call buying (unwinding by writers) was seen at 17800 strikes along with call writing at 18100 strikes and put writing was seen at multiple strikes with maximum writing at 17800 strikes. Nifty has maximum positions at 17800 PE and 18000 CE.

FII & DII Trading Activity

Yesterday, FIIs sold stocks worth Rs 737 Cr in the cash segment, bought stocks futures worth Rs 1924 Cr and also bought index futures worth Rs 1266 Cr. DIIs were net buyers in the cash segment to the tune of Rs 941 Cr.

Nifty Futures & Bank Nifty Futures Key Levels

Nifty Futures – Resistances 17990-18060; Supports 17840-17750

Banknifty Futures – Resistances 41900-42250; Supports 41300-41000

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