CNX NIFTY begun the session on firm note, but later witnessed minor decline, however support around 8,200 mark helped index to bounce back to 8,250 level before finishing the trade.
- Finally, CNX NIFTY closed the day with gain of 50 points at 8,225 level.
- NSE Cash segment witnessed turnover of about Rs16,554 crores as compared to Rs.15,262 crores earlier.
- Overall market breadth remained positive, where 808 stocks advanced against 666 declined stocks.
- Mixed trend was witnessed amongst sectoral indices during the day, where CNX FINANCE, CNX PSU BANK & CNX ENERGY emerged as top gainers with the increase of 1.1%-1%, however CNX REALTY emerged as a top loser with the decrease of 0.9%.
CNX NIFTY OUTLOOK
- CNX NIFTY not only regained 8,200 mark, but also breached three week old falling trend with decent rise. As mentioned earlier, our near-term technical view will remain positive on index, however a surprise plunge cannot be ruled out, as index is trading at two week high level and market participation level was relatively low in initial days. On higher side, major move will be seen in CNX NIFTY only above 8,350 mark and in case of any adverse action, index will find support around 7,940 level.
- As for the day, support is placed at 8,160 and then at 8,100 levels, while resistance observed at 8,270 and then at 8,350 levels.
Activity in F&O
- Nifty Future closed positive at 8237.6 levels.
- Nifty Future OI decreased by 8.30% with a rise in price by 0.98%. It closed at premium of 13 points as compared to the discount of 17 points.
- Market witnessed selling pressure in Power, Consumer Durables & Realty sector stocks while buying interest was seen in Oil & Gas, FMCG, Banking and Healthcare sector stock.
- The market turnover decreased by 4.68% in terms of number of contracts traded vis-à-vis previous trading day and in terms of rupees it decreased by 3.16%.
- Put Call Ratio based on Open Interest of Nifty increased from 0.96 to 1.04 levels as compared to previous trading session. Historical Volatility of Nifty fell down from 19.73 to 19.66 levels and Implied Volatility also fell down from 15.92 to 14.05 levels.
- Nifty futures opened positive in line with the strong US market and continued it’s up move towards 8250 levels. It has been moving upwards from last six trading sessions and has given a tremendous recovery from major support zones with aggressive put writing at 8000, 8100, 8150 and 8200 strikes. Looking at the option data, maximum Put OI is at 8000 followed by 8100 strike while maximum Call OI is at 8500 followed by 8400 strike. Now it has to hold above 8180 levels to continue its up move towards 8300 and 8340 levels while holding below 8180 may drag it to 8120-8100 zones.
- Bank Nifty also continued its up move in line with the broader market and closed above immediate hurdle of 17800 levels. If it manages to hold above 17800 zones then fresh up move may be seen towards psychological 18000 and 18150 levels, while on the downside immediate support is seen at 17650 then 17500 levels.
Stocks
JINDALSTEL is trading at six years low levels and continuously making lower top – lower bottom formation. It is in bear market as witnessing sustained selling pressure at every small bounce back move, Short are intact in the stocks as they are rolling from series to series. We are also witnessing fresh call writing at 100 strikes which is likely to act as a major hurdle so recommending selling on any bounce back move with stop loss of 96.50 for the downside target of 90 levels. It is in oversold territory so one can trade by using options to play safe with limited risk.
Sell JINDAL STEEL Between Rs. 94 to 95,Stop Loss 96.50,Target 90
HINDPETRO has been hitting new life time highs and making higher top – higher bottom formation of daily and weekly chart. We have seen strong buying interest in all the Oil marketing companies and this stock has more potential and strength to continue its positive momentum. It has added fresh OI addition with positive price action indicates built up of long position. One can buy the stock with stop loss of 708 for the upside target of 751 levels.
Buy HIND PETRO Between Rs. 719 to 726,Stop Loss 708,Target 751
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