0 Daily News Letter

Nifty (5227.75 -12.75)

For second consecutive session, index remained range bound and closed flat at the end. Currently, it’s running around the support zone of 5214 level i.e. 23.20% as per Fibonacci retracement placed on intraday chart. Market breadth was inclined on advancing side on back of positivity on Midcap and Smallcap front but volume was comparatively low in cash segment. As per the chart formation and reading from indicators, we might see directional move in next couple of sessions and currently the bias is on positive side so one should plan accordingly.

Nifty: The Nifty is likely to open negative on the back of weak global cues. It is likely to trade in the range of 5170-5260. The trading strategy would be to create short positions if the Nifty resists at around 5253 levels for targets of 5215 and 5195. On the other hand, one can also create long positions if it takes support at around 5190 levels.
Bank Nifty: The Bank Nifty is likely to trade in the range of 10200-10500

Support and Resistances

Support1 : 5190
Support2 : 5165
Resistance1 : 5270
Resistance2 : 5290

At the National Stock Exchange the advances were 814 and declines were 641 whereas at the Bombay Stock Exchange advances were 1508 and declines were 1179. On Thursday, Bank Nifty lost 0.39% to close at 10379.60; CNX-IT lost 0.01% to close at 5670.40.

Previous day Futures n Options analysis -

  • Nifty future opened negative and traded in a narrow range of 30 points throughout the day.
  • Nifty Aug futures made a high of 5252.90, low of 5222.10 and finally closed at 5246.70.
  • Nifty spot closed at 5227.75 down by 12.75 points.
  • Bank Nifty closed at 10379.60 down by 40.30 points.
  • CNX IT closed at 5670.40 down by 0.30 points.
  • Nifty Aug future closed with 18.95 point’s premium.
  • Nifty heavyweight stock TATAMOTORS witnessed short build-up.
  • Volatility India index VIX closed at 16.77 up by 1.94%.
  • PCR (Volume) is at 0.98.
  • Nifty Aug 5000 put strike witnessed long build-up.
  • Nifty Aug 5500 call strikes witnessed writing.


STOCKS WITH BULLISH BIAS
ESCORTS, GODREJIND, IVRCLINFRA & PUNJLLOYD
STOCKS WITH BEARISH BIAS
KTKBANK, LICHSGFIN & MCLEODRUSS

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Thanks for giving your valuable inputs, TRENDGURUS

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