TODAY’S MARKET SNAPSHOT:
|VIEW||Sell on Rise||NEUTRAL|
The nifty 50 remained in the negative terrain for major portion of the trading session on July 9 and formed a Doji pattern on daily charts. The nifty fell 38 points and closed lower at 15689.80 while the bank Nifty lost 202 points and closed lower at 35071.95. The Sensex closed 182 points lower at 52386.19.
On the sectoral front, buying was seen in Reality, metal, media, commodities and pharma sector, while selling pressure was visible in Private banks, energy and fin service sectors.
On the broader market front, the nifty midcap 100 index closed higher by 0.62 percent and the nifty small cap 100 index closed higher by 0.54 percent.
The advance decline ration stood in the ratio of 1.25:1
Nifty 50 is giving bearish signal on weekly charts. The traders should follow “sell on rise” strategy till nifty 50 doesn’t close above 15900. Traders can shorty nifty futures when nifty spot breaks 15630 level as nifty is continuously finding support around that level for a modest target of 15450 where some buying is expected to emerge. Avoid long positions.
The bank nifty is finding it difficult to cross the 35500-35600 hurdle. The bank nifty is consistently finding support near 34900 level for last few trading sessions. Traders are advised to initiate long positions on Bank nifty futures when bank nifty spot reaches near 34900 by keeping a small stoploss of 60 points for a target of 35500 in next few sessions. The bank nifty has formed a Doji pattern on weekly charts which indicates a tug of war between the bulls and the bears for a decisive move.
FII & DII Data
Foreign institutional investors (FIIs) net sold shares worth Rs 1124.65 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 106.55 crore in the Indian Equity Market on July 9 as per provisional data available on the NSE.
TODAY’S TOP FIVE GAINERS AND LOSERS (NIFTY)
ANALYSIS OF TODAY’S DERIVATIVE DATA for 15th July Expiry
As per today’s option chain data, strong resistance for nifty exists at 15800 level while as strong support exists at 15600 level. Call writing seen at 15800, 16000 and 16200 strike prices while as put writing visible at 15700, 15600 and 15500 which means that nifty will remain in a range of 15500 to 16200 for the 15th July weekly expiry.
- Bank Nifty
As per today’s option chain data, Strong resistance for bank nifty exists at 35500 level while as strong support exists at 34500 level. Call writing visible at 35200, 35500 and 36000 strike prices while as put writing seen at 35000 and 34500 strike prices which means if bank nifty gives closing below 35000, then it is likely to hit 34500 and if bank nifty closes above 35500, then the possible target will be 36000.
MAXIMUM PAIN OPTIONS FOR 15th JULY EXPIRY
Sectors to watch out for tomorrow
- Nifty IT
- Nifty Metal
- Nifty FMCG
Stocks to watch out for tomorrow:
- AU BANK
- GLENMARK PHARMA
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