TODAY’S MARKET SNAPSHOT:
|VIEW||Buy on Dips||Buy|
The Nifty 50 remained positive throughout the trading session onJuly 5. The niftyrose by 112 points and closed above 15800 near day’s high at 15834. Thebank Niftyrose402 points and closed above35200 near day’s high at 35212. The Sensex closed 395 points higher at 52880.
On the sectoral front, buying was seen in Reality,metal, fin services, banks and media while asnifty pharma and IT witnessed profit booking.
On the broader market front, the nifty midcap 100 index was up0.53 percentand the nifty small cap 100 index was up0.79 percentin line with the bench mark indices.
The advance decline ration stood in the ratio of 2:1
Nifty closed above the psychological level of 15800 on July 5. The trend in nifty is still up. Investors short initiate fresh long positions on nifty 50 only if it gives closing above 15900 which would trigger renewed interest & momentum and will take nifty 50 possibly above 16200 levels. Currently nifty 50 is trading under a broad range of 15400-15900.
The data on bank nifty looks very encouraging and is expected to outperform nifty in coming sessions.Bank nifty needs to close above 35500 in next 1-2 trading sessions for upward target of 36500. The bank nifty is expected to face stiff resistance at 35500. Once bank nifty closes above 35500, initiate long positions for a target of 36500. Overall, bank nifty looks very positive on daily charts.
FII & DII Data
Foreign institutional investors (FIIs) net sold shares worth Rs 338.43 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 645.59 crore in the Indian Equity Market on July 5 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 16000 level which has added 15909 contracts while as strong support exists at 15700 level which has added28994contracts. Thesignificant call writing was done at 16000 strike price only which signifies bullish on nifty 50 while as heavy put writing is visible in today’s trade at 15800 strike price followed by 15700 and 15750, which is a bullish sign.
- Bank Nifty
As per today’s option chain data, Strong resistance for bank nifty exists at 35500 level which has added 9833 contracts while as strong support exists at 35000 level which has added 42552 contracts.Call writing in today’s tradeis visible at 35500, and 36000 strike prices while as significant put writing visible is visible at 35000 strike price.
MAXIMUM PAIN OPTIONS FOR 1ST JULY EXPIRY
Sectors to watch out for tomorrow
- Nifty BANK
- Nifty FMCG
- Nifty Auto
Stocks to watch out for tomorrow:
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