NIFTY (8192) CNX Nifty opened gap up and gained some positive momentum after the recent fall of 275 points in past three trading sessions. Decline in crude oil prices and rupee's recovery against the dollar led the index to close in positive territory with a gain of 134 points. It negated its negative pattern of lower high- lower low and formed a DOJI candle on weekly chart. Now it has to hold above 8180 zones to continue up move towards 8240 and 8280 levels. On the downside, if it fails to sustain 8145 then its momentum may fizzle out and bears may drag the index towards 8080-8050 levels. Traders need to be cautious as the index is highly volatile ahead of the 4th quarterly result season, CPI, IIP and WPI data.
Strength on last trading session of the week helped benchmark indices to end the week a tad below 8,200 mark as NIFTY rose by about 1.7% on Friday or by about 134 points to end the week at 8,192 mark.
- NSE Cash segment witnessed a turnover of about Rs16,758 crores as compared to Rs17,676 crores observed earlier.
- Overall market breadth remained positive, with 1,154 stocks advancing against 342 stocks declining.
- Sectorally, barring CNX PSU Bank index that ended the session with loss of 1%, almost all the sectoral indices ended the session with strong gains. CNX Realty emerged as top gainer up 4.1% followed by CNX Auto and Finance that rose by 2.7% each respectively.
CNX NIFTY OUTLOOK
- NSE's NIFTY, witnesses sharp surge on last trading session of the week amidst positive developments both domestically and globally. NIFTY, after opening on a strong note at 8,132 mark, registered a high of 8,225 before finally settling the session a tad below 8,200 towards the end. Thanks to sharp up move across the board that helped NIFTY to end the week with a minor gains. The recent bounce in the index has just been observed from the crucial support levels. As mentioned earlier, the next major support level for the index is seen only around the level of 7,965 below which, we may see further decline towards level of 7,800. The current range of 8,200-8,300 continues to remain strong hurdle.
- As for the day, support is placed at 8,120 and then at 8,050 levels, while resistance observed at 8,230 and then at 8,300 levels.
- Nifty Future closed positive at 8210.55 levels.
- Nifty Future OI decreased by 7.32% with a rise in price by 1.59%.
- Market witnessed buying interest across the board, except in Consumer Durables sector stocks. Nifty future closed at the premium of 19 points as compared to 25 points premium of previous trading session.
- The market turnover decreased by 15.53% in terms of number of contracts traded vis-à-vis previous trading day and in terms of rupees also decreased by 14.55%.
- Put Call Ratio based on Open Interest of Nifty moved up from 0.94 to 0.97 levels. Historical Volatility of Nifty moved up from 22.85 to 23.35 levels but Implied Volatility fell down from 19.54 to 19.05 levels.
Stocks
JSWSTEEL has been forming lower highs- lows from last five series and also witnessing liquidation of long position with sustained selling pressure at every small bounce back move. It is continuously trading in the bears grip and holding below 900 may continue weakness towards 874 and lower levels. It was under the selling pressure even when index was trading at lifetime high territory and is continuously trading in the bears grip. One can sell the stock with a stop loss of 929 levels for the downside immediate target of 874 levels.
Sell Between Rs. 906 to 915,Stop Loss 929,Target 874
SIEMENS is holding the gains and slowly moving upwards even when the market was declining. It has taken multiple supports near to 1216-1225 zone and negated its negative pattern of forming lower highs - lower lows. The stock is also adding fresh long position at support zones. Thus, traders can buy the stock with stop loss of 1270 for the upside target of 1346 levels.
Buy Between Rs. 1289 to 1302,Stop Loss 1270,Target 1346
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