NIFTY (8097) CNX NIFTY followed the recent negative trend and witnessed sustained selling pressure across the board till the end of session. The bleeding in broader market was triggered by surging oil prices and Greek debt crisis. During the day, Nifty fell down by around 250 points till 8083 levels i.e. the highest daily sell off witnessed by the index in last four months and closed with loss of more than 230 points. It broke its 200DMA level and even breached its major support level of 8145 levels in the day. Now till it doesn’t cross and hold above 8145 zones, weakness may continue to drag it towards next major support of psychological 8000 and lower levels. On upside crucial hurdles seen at 8145 followed by 8180-8200 zones. Traders need to be cautious as bears are controlling the index from last two sessions even after its oversold price structure.
Benchmark index NSE NIFTY, ended yesterday's trade on a negative note slipping below crucial 8,100 mark. NIFTY, after registering a high of 8,332 slipped to an intraday low of 8,083 without witnessing any major recovery. Thus it ended the trade with the loss o about 228 points at 8,097 mark.
- NSE Cash segment witnessed a turnover of about Rs20,654 crores as compared to Rs17,205 crores earlier.
- Overall market breadth remained negative, with 168 stocks advancing against 1,330 stocks declining.
- Sectorally, almost all the sectoral indices ended the trade on a weak note with CNX Realty emerging as top loser down 4.2% followed by host of other indices that lost more than a 2% each.
CNX NIFTY OUTLOOK
- Indices after consolidating in a narrow range previously, just broke down in yesterday's trade as selling pressure below 8,300 just took toll on the index. By end of the day, we saw NIFTY slipping below 8,100 mark only to end the day with just 10 points of recovery from the day's low despite humongous 228 points drop. The next technical support on daily chart is seen around level of 7,965 below which, one may anticipate a fresh bout of sell-off towards the level of 7,800. On upside, 8,300 will now remain a crucial resistance for the index.
- As for the day, support is placed at 8,080 and then at 8,000 levels, while resistance observed at 8,180 and then at 8,250 levels.
- Nifty Future closed negative at 8121.75 levels.
- Nifty Future OI decreased by 1.09% with a fall in price by 2.87%.
- Market witnessed selling pressure across the board, majorly in Power, Realty, Metal and Capital Goods sector stocks. Nifty future closed at the premium of 25 points as compared to 37 points premium of previous trading session.
- The market turnover increased by 90.62% in terms of number of contracts traded vis-à-vis previous trading day and in terms of rupees also increased by 87.02%.
- Put Call Ratio based on Open Interest of Nifty fell down from 0.97 to 0.92 levels. Historical Volatility of Nifty moved up sharply from 19.68 to 23.44 levels and Implied Volatility also moved up from 17.11 to 19.26 levels.
Stocks
CANBK is witnessing weakness from last five series and forming lower top lower bottom price pattern. It has broken the support of 370 levels with liquidation of long position thus selling pressure may continue in the stock. The stock is trading in bears grip so traders can sell the stock with the stop loss of 382 for the downside target 361 levels.
Sell Between Rs. 373 to 377,Stop Loss 382,Target 361
ACC confirmed a bearish pattern as it failed to sustain the higher levels and fell down below its support of 1450 levels. It has been witnessing built up of short position and is trading the bears grip from last two series. Traders can sell the stock with stop loss of 1487 for the downside target of 1400 levels.
Sell Between Rs. 1451 to 1465,Stop Loss 1487,Target 1400
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