TODAY’S MARKET SNAPSHOT:
Today nifty as well as bank nifty opened higher and then witnessed weakness for majority of the trading session. However, during last one hour of trading, heavy buying by FIIs & DIIs pared almost all losses by virtue of which nifty as well as bank nifty closed flat in today’s trading session. Nifty closed below 15700 for the second consecutive session. Bank nifty on the other hand closed well below the important resistance level of 34650. Heavy selling was witnessed in PSE, energy, PSU banks, commodities and metals while FMCG attracted marginal buying interest.
The weakness is likely to continue in the next trading session on both nifty as well as bank nifty. If nifty spot fails to hold today’s swing low of 15450.90 in next 1-2 trading sessions, then short nifty futures for a possible target of 15200 in next few trading sessions. On the other hand, bank nifty spot must respect today’s swing low of 33908.95 in next 1-2 trading sessions, otherwise decks will be cleared for a target of 33300 in next few trading sessions. Traders should Avoid long positions on both nifty as well as bank nifty. Sell on Rise should be strategy for next few sessions or till nifty doesn’t close above 15800 & bank nifty 35000.
Today the advance-decline ratio was favoring bears in the ratio of 1:3.
FII & DII TRADING ACTIVITY (IN Rs CRORES)
TODAY’S TOP FIVE GAINERS AND LOSERS (NIFTY)
ANALYSIS OF TODAY’S DERIVATIVE DATA for 24th June Expiry
|CALL OPTION||PUT OPTION|
|IO||CHANGE IN IO||STRIKE PRICE||CHANGE IN IO||IO|
As is evident from the option chain data, strong resistance for nifty exists at 15700followed by 15800 levels while as strong support exists at 15650 followed by 15600 level. Heavy call writing was seen at 15700 followed by 15800 and 16000 while as put writing was seen at 15500 and 15600 levels. There has been no major addition of contracts on both call and put side and hence one can assume that today’s derivative data is mixed, however the bears have an edge over the bulls at this point of time.
|CALL OPTION||PUT OPTION|
|OI||CHANGE IN OI||STRIKE PRICE||CHANGE IN OI||OI|
As is evident from option chain data, 35000 is a strong resistance&34500is a make or break zone. Call writing seen at 35000 while as put writing visible at 34500. No major change in open interest and as such derivative data on bank nifty is mixed, however favoring bulls at this juncture of time.
MAXIMUM PAIN OPTIONS FOR 24TH JUNE EXPIRY
Sectors to watch out for tomorrow
- Nifty BANK (UP)
- Nifty IT (UP)
- Nifty FMCG (UP)
Stocks to watch out for tomorrow:
- JK BANK (BUY)
- RENUKA SUGAR (BUY)
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