Nifty Derivative Snapshot & Derivative Stock Recommendations

NIFTY(8433) CNX Nifty opened flat to negative then headed towards 8467 in the mid morning trade but in the absence of follow up buying interest it fell down towards 8405 and finally closed flattish on pre RBI policy day. It has recovered well from lower levels in last 2-3 sessions but is now finding hurdle near to its supply zone of 8470- 8500. Now if it manages to hold above 8480 zones then only this move can extend it to 8550 and 8635 levels otherwise it may drift down and get stuck in consolidation phase between 8270 to 8400 zones. Traders are required to trade cautiously as intraday swing cannot be ruled out on RBI policy day and it would decide next leg of rally in the market.

CNX NIFTY rose to 8,467 level post flat opening, but later surrendered entire gain before closing the session and after slipping to 8,405 mark, ended the day at 8,433 level.

• NSE Cash segment witnessed turnover of about Rs15,610 crores as compared to Rs.43,621 crores earlier.
• Overall market breadth remained negative, where 662 stocks advanced against 835 declined stocks.
• Mixed trend was witnessed amongst sectoral indices during the day, where CNX REALTY & CNX FMCG emerged as top gainers with the increase of 2% & 1.4% respectively. However, CNX PHARMA emerged as a top loser with the decrease of 3.5%.

CNX NIFTY OUTLOOK

• CNX NIFTY begun brand new week on a flat note eyeing RBI's policy announcement. As mentioned earlier, our near-term technical view will remain positive and we believe major up move/down move will be seen in index only above/below 8,500/8,270 levels respectively. 
• As for the day, support is placed at 8,340 and then at 8,270 levels, while resistance observed at 8,500 and then at 8,570 levels.
• Nifty Future closed negative at 8431.65 levels. 
• Nifty Future OI increased by 1.64% with a fall in price by 0.32%. 
• Nifty future closed at discount of 2 points as compared to premium of 25 points of previous trading session. Market witnessed buying interest in Capital Goods, Realty, Consumer Durables and Oil & Gas sector stocks while selling pressure was seen in Healthcare, Banking and Auto sector stocks. 
• The market turnover decreased by 30.38.% in terms of number of contracts traded vis-à-vis previous trading day but in terms of rupees also decreased by 28.91%. 
• Put Call Ratio based on Open Interest of Nifty remained unchanged at 0.95 levels as compared to previous trading session. 
• Historical Volatility of Nifty moved down from 20.95 to 20.37 levels but Implied Volatility moved up from 16.65 to 16.79 levels. 

Stocks

JUBLFOOD has made a new life time high and also given a consolidation breakout of last 11 trading sessions. Overall trend of the stock is positive as we have seen built up of long position with higher rollover activities. It has immediate support near to 1730 zones and holding above 1785 may continue it momentum for higher levels. One can buy the stock on decline with stop loss of 1744 for the upside target of 1850 levels. 

Buy JUBLFOOD Between Rs. 1770 to Rs. 1788 1744 1850 

JINDALSTEL has been continuously falling down and witnessing fresh supply at every small bounce back move. It has added fresh built up of short position and those shorts are being carried from one series to next series. It is trading near to 6 years low levels and stuck in bear grip so weakness may continue for next coming sessions. One can sell the stock on bounce back move with stop loss of 123.50 for the down side target of 116 levels. 

Sell JINDALSTEL Between Rs. 120 to 122 123.50 116