NIFTY (8335) CNX Nifty opened negative in line with the weak Global market and fell down towards major support of 8280 zones. It has been making lower highs – lower lows from last three trading sessions and now if it negates the pattern then only we may see a follow up buying action in the market. Although it recovered well from the lower levels but failed to cross immediate hurdle of 8340-8350 zones. Index finally closed below previous day’s close of 8339 with the marginal loss of 5 points. Now it has to cross and hold above 8350 zones to witness an up move towards 8380 then 8420 levels. On the downside, if it fails to sustain 8300 zone then may witness profit booking towards 8280 and 8250 levels. Market is likely to remain highly volatile ahead of June Derivatives settlement and rollover activities so traders are suggested to trade accordingly.
CNX NIFTY begun the session on negative note, but despite witnessing a smart rebound from the day's low of 8,278 level, spent rest of the day oscillating in 8,340-8,310 range and finally, finished trade at 8,335 mark, with loss of 5 points.
- NSE Cash segment witnessed turnover of about Rs17,897 crores as compared to Rs14,363 crores earlier.
- Overall market breadth remained negative, where 648 stocks advanced against 818 declined stocks.
- Mixed trend was witnessed amongst sectoral indices during the day, where CNX PSU BANK & BANK NIFTY emerged as top gainers with the increase of 1.6% & 1.1% respectively, however CNX AUTO & CNX IT emerged as top losers with the decrease of 2.1%-1.9%.
CNX NIFTY OUTLOOK
- Though CNX NIFTY closed in loss for straight third trading session in a row, managed to survive above its 200-days SMA (i.e. now placed around 8,325 mark). As mentioned earlier, our near-term technical view will remain positive, however major up move seen only above 8,500 mark. In case of any adverse action, index will find support around 8,100-8,000 range.
- As for the day, support is placed at 8,250 and then at 8,180 levels, while resistance observed at 8,390 and then at 8,430 levels.
- Nifty opened negative and traded on a flattish for the major part of the trading session.
- Nifty lost 4 point to close at 8334.
- OI concentration is seen at 8300 PE and 8500 CE.
- Addition witnessed in 8350CE and in 8250PE.
- PCR OI stands at 1.07 compared to 1.06 in the previous trading session.
- Nifty to trade with a resistance of 8470.
Stocks
- IT stocks and TATAMotors were the major draggers in Nifty.
- In the banking space, Indusind bank which had been trading sideways has made some headway trading higher. It has broken all major resistance and has given a breakout on the upside. The stock trades with a positive bias on the monthly, weekly and daily charts and has considerable space on the upside. On the upside the stock can move upto levels of 887/890 levels.
- Market wide open interest is seen at Rs.247,455Cr.
- Amongst sectoral index, CNX PSU Bank adds fresh long position.
- Dish TV and Mind Tree observed build up in long position.
YESBANK is moving after a long consolidation of last 12 weeks and registered a highest daily close in last 56 trading sessions. The stock is holding the gains and has been consolidating from last four series even after the correction in broader market. It is all set to give fresh round of rally led by short covering activity for a potential up move towards it life time high of 909 and higher levels. One can buy the stock with stop loss of 846 for the upside target of 898 levels.
Buy Yes Bank Between Rs. 859 to 868,Stop Loss 846,Target 898
EXIDEIND has failed to cross its immediate hurdle of 161-162 zones and falling from last two sessions. It has added built up of short position and broken immediate support of 157 levels. Overall trend of the stock is under pressure as shorts are intact from last three series and weakness may continue for next coming sessions. One can sell the stock on small bounce back move with stop loss of 162 for the downside target of 153 levels.
Sell EXIDEIND Between Rs. 158 to 160,Stop loss 162,Target 153
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