TODAY’S MARKET SNAPSHOT:
|VIEW||SELL ON RISE||NEGATIVE|
The Indian market fell for the second consecutive session amid high volatility on June 29. The niftyfell nearly 66 points while the bank Nifty fell 349 points and closed below 35400 for the third consecutive trading session of the July expiry.
The Sensex closed 185 points lower at 52549, while the Nifty50 shaved off66 points to end a tad below at 15748.
On the sectoral front, buying was seen in Pharma, and FMCG, while selling pressure was visible in PSU banks, metal and auto space.
On the broader market front, the nifty midcap 100 index was down 0.50 percent and the nifty small cap 100 index was marginally down 0.14 percent, in line with the benchmark indices.
The advance decline ration stood in the ratio of 1:1.2
Nifty has broken important support level of 15770 and has closed below psychological level of 15750. Nifty is currently unable to hold gains and as such investors are advised to sell every rise for handsome gains. Tomorrow the weakness is likely to continue on nifty. If nifty spot fails to hold 15700 in first hour of trade, initiate short positions on nifty futures for a possible target of 15500 where major support exists for the nifty. For uptrend to resume, nifty has to close above 15900.
Bank nifty was down for the entire session on June 29. Bank nifty again took support near 34900 and closed slightly above 35000. The overall data on bank nifty looks very negative. The next session is of great importance for bank nifty because if it fails to hold 34900 tomorrow, then it may revisit 34200 in next 2-3 trading sessions. For upward movement, bank nifty spot has to close decisively above 35500 in next 1-2 sessions.
FII & DII Data
Foreign institutional investors (FIIs) net bought shares worth Rs 116.63 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 1810.05 crore in the Indian Equity Market on June 29 as per provisional data available on the NSE.
TODAY’S TOP FIVE GAINERS AND LOSERS (NIFTY)
ANALYSIS OF TODAY’S DERIVATIVE DATA for 1st July Expiry
As per today’s option chain data, strong resistance for nifty exists at 15800 level which has added 31848 contracts while as strong support exists at 15500 level which has added7340contracts. The highest call writing was done at 15800 strike price followed by 15900 and 15850 while as no significant put writing was visible in today’s trade, which is a bearish sign.
- Bank Nifty
As per today’s option chain data, Strong resistance for bank nifty exists at 35500 level which has added 8832 contracts while as strong support exists at 35000 level which has added 21066 contracts.Call writing done at 35100, 35200 and 35300 strike prices while as No significant put writing visible except at 35000 strike price.
MAXIMUM PAIN OPTIONS FOR 1ST JULY EXPIRY
Sectors to watch out for tomorrow
- Nifty BANK
- Nifty Pharma
- Nifty Auto
Stocks to watch out for tomorrow:
- Indian Bank
- Ajanta Pharma
- Tata Motors
For exact entry and exit levels, you can mail me at email@example.com