TODAY’S MARKET SNAPSHOT:
The Indian market fell for the fifth consecutive session amid high volatility& on account of weekly expiry on July 1. The nifty fell nearly 41 points while the bank Nifty fell 88 points and closed below 34700 for the fifth consecutive trading session of the July series.
The Sensex closed 164 points lower at 52318, while the Nifty50 fell41 points and closed below 15700 near the major support level on July 1.
On the sectoral front, buying was seen in Pharma, auto, consumption and FMCG, while selling pressure was visible in IT, energy, service sector and commodity space.
On the broader market front, the nifty midcap 100 index was down0.33 percent in line with the bench mark indices and the nifty small cap 100 index was up 0.66 percent outperforming the benchmark indices.
The advance decline ration stood in the ratio of 1:1
Nifty has broken important support level of 15700 and has closed at important support level of 15680.Currently every rise is sold into by the market participants. The nifty 50 has formed a long bearish candle on a 5-day chart and as such weakness is likely to continue in the next trading session as well for a target of 15550. If nifty 50 doesn’t hold 15550 in next 1-2 sessions, then weakness is likely to continue till 15200. Market participants are advised to hold short positions on nifty 50 futures till nifty 50 spot don’t give closing above 15800.
Bank nifty was down for the majority of the trading session on July 1. Bank nifty finally broke important support level of 34900 and closed below 34700. 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 34500, then it may revisit 34200 in next 2-3 trading sessions. For upward movement, bank nifty spot has to close decisively above 34940 in next 1-2 sessions.
FII & DII Data
Foreign institutional investors (FIIs) net sold shares worth Rs 1245.29 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 880.60 crore in the Indian Equity Market on July 1 as per provisional data available on the NSE.
TODAY’S TOP FIVE GAINERS AND LOSERS (NIFTY)
ANALYSIS OF TODAY’S DERIVATIVE DATA for 8thJuly Expiry
As per today’s option chain data, strong resistance for nifty exists at 15800 level which has added 24455 contracts while as strong support exists at 15500 level which has added15273contracts. The highest call writing was done at 15800 strike price followed by 16000 and 16100 while as no significant put writing was visible in today’s trade except 15500, which is a bearish sign.
- Bank Nifty
As per today’s option chain data, Strong resistance for bank nifty exists at 35000 level which has added 23113 contracts while as strong support exists at 34500 level which has added 28709 contracts. Call writing done at 35000, and 35500 strike prices while as put writing is visible at 34500 and 34000 strike prices.
MAXIMUM PAIN OPTIONS FOR 1ST JULY EXPIRY
Sectors to watch out for tomorrow
- Nifty Small Cap 100
- Nifty FMCG
- Nifty REALITY
Stocks to watch out for tomorrow:
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