Nifty Derivative Snapshot & Derivative Stock Recommendations

NIFTY (8421) CNX Nifty opened flat to negative and fell down below its psychological 8400 levels in the first half of the session however in the second half it hovered around 8400 zones. The index formed a DOJI candle on daily chart, thus showing the indecisiveness between the bulls and the bears and made it close near the previous day’s close, with a minimal loss of 2 points. The index is trading near its 35DMA from last two trading session and now it has to hold its 8420 zones to continue the up move towards 8480 and 8500 levels. On the downside, if it fails to sustain 8380 then the bears may drag the index towards 8320- 8300 zones.

CNX NIFTY rose to 8,446 level post stable opening, but later witnessed decline of 63 points from the day's high in very short span of time amidst weakness in selected frontline counters, however corresponding bounce back during the day helped index to trim the loss before closing the session and finally, finished trade at 8,421 mark, with the loss of 2 points.

• NSE Cash segment witnessed a turnover of about Rs15,812 crores as compared to Rs14,538 crores earlier.
• Overall market breadth remained negative, where 602 stocks advanced against 873 declined stocks.
• Mixed trend was witnessed amongst sectoral indices during the day, where CNX REALTY & CNX AUTO emerged as top gainers with the increase of 1.1%-0.8%, however CNX PSU BANK & CNX FMCG emerged as top losers with the decrease of 0.8% each.
• Nifty Future closed negative at 8419.1 levels. Nifty Future OI marginally decreased by 0.14% with a fall in price by 0.06%. 
• Market witnessed buying interest in Realty, Auto, Capital Goods and IT sector stocks while selling pressure was seen in FMCG, Metal and Power sector stock.
• Nifty future was at discount of 2 point as compared to previous trading session. 
• The market turnover increased by 0.16% in terms of number of contracts traded vis-à-vis previous trading day and in terms of rupees also increased by 0.93%.
• Put Call Ratio based on Open Interest of Nifty moved up from 1.08 to 1.11 levels. 
• Historical Volatility of Nifty fell down from 23.42 to 22.71 levels and Implied Volatility also fell down from 18.02 to 17.22 levels. 

JUSTDIAL is turning from the lower band of the trading range and moving after taking support at its multiple support zone of 1051-1076 zones. It has been witnessing built up of long position and showing an early sign of trend reversal. Thus traders can buy the stock with stop loss of 1111 for the upside target of 1180 levels. 

Buy Just Dial Between Rs. 1128 to 1140,Stop Loss 1111,Target 1180 

JINDALSTEL is falling from last three series and has broken all its support levels. It is in the bear grip as witnesses selling pressure at every bounce back move. We are observing fresh short position which may drag it to further lower levels. Traders can sell the stock on bounce back move with stop loss of 141 for the downside target of 133.5 levels. 

Sell Jindal Steel Between Rs. 138 to 139,Stop Loss 141,Target 133.5