NIFTY (8459) CNX Nifty opened gap up and with pleasant mood throughout the day. The bulls managed to lift the index above its 8480 levels with handsome gains after 20 trading sessions. It has managed to recoup the losses it made recently by more than 50% Fibonacci retracement and edged higher towards 61.8% retracement level. It has been forming the favorable price formation of higher highs from last six trading sessions and showing the potential to move towards 8550 levels. However if it fails to hold its 8420 8400 levels then profit taking may shoot the index towards 8340 levels and holding above 8480 may spike the index towards 8550 then 8600 zones. Traders are required to remain cautious ahead of the derivative expiry week.
CNX NIFTY rose to 8,490 level (i.e. from 8,420 mark) during the day post a stable opening and despite witnessing decline of around 0.5% from the day's high, index managed to settle the session at 8,459 level, with the rise of 38 points.
- NSE Cash segment witnessed a turnover of about Rs.15,812 crores as compared to Rs.15,812 crores earlier.
- Despite a positive close, overall market breadth remained negative, where 625 stocks advanced against 840 declined stocks.
- Mixed trend was witnessed amongst sectoral indices during the day, where CNX PHARMA & CNX IT emerged as top gainers with the increase of 1.1%-1%, however CNX PSU BANK once again emerged as a top loser with the decrease of 1.9%.
CNX NIFTY OUTLOOK
- Finally, CNX NIFTY managed to close above its 50-days EMA (i.e. placed around 8,435 mark) and with decent rise helped index to end the week with gain of 2.4%. As mentioned earlier, our near-term technical view remains positive with probable up move towards 8,600-8,650 range, however in case of any adverse action index will first find support at 8,320 mark (200-days SMA) and then around 8,100-8,000 range.
- As for the day, support is placed at 8,380 and then at 8,330 levels, while resistance observed at 8,500 and then at 8,570 levels.
- Nifty Future closed positive at 8452.05 levels.
- Nifty Future OI increased by 6.28% with a rise in price by 0.39%.
- Market witnessed buying interest in Realty, Auto, Capital Goods and Healthcare sector stocks while selling pressure was seen in Oil & gas, Metal and Power sector stock.
- Nifty future closed at a discount of 6 points as compared to the discount of 2 point of previous trading session.
- The market turnover increased by 24.25% in terms of number of contracts traded vis-à- vis previous trading day and in terms of rupees also increased by 28.19%.
- Put Call Ratio based on Open Interest of Nifty remained unchanged at 1.11 levels.
- Historical Volatility of Nifty fell down from 22.71 to 22.10 levels and Implied Volatility also fell down from 17.22 to 15.47 levels.
Stocks
ALBK recently corrected from 272-64 levels and witnesses selling pressure at every bounce back. It failed to recover itself even when the index was trading at lifetime high territory and is continuously trading in the bears grip. It failed to show any sign of recovery and drifting down with liquidation of long position. Traders can sell the stock with stop loss of 106 for the downside target of 98.5 levels.
Sell Between Rs. 103 to 104,Stop Loss 106,Target 98.5
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 looks attractive in terms of risk reward ratio. The stock looks good fundamentally for the upside target of 2053 levels in the long term and is out value pick. Thus traders can buy the stock with stop loss of 1115 for the upside target of 1184 levels.
Buy Between Rs. 1132 to 1144,Stop Loss 1115,Target 1184
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