The
benchmark indices have plunged more than 1% today on the back of profit booking
amid the sluggish Asian cues. In addition the weakness in European Futures and
US futures further dampened the sentiments. As a result, the index NIFTY spot
has lost more than 100 points till now and is currently trading below the
support of 7120. Meanwhile, we exited the long recommendation of NIFTY future
in the opening around 7210 mark. We are observing a broad based selling today
since the market breadth is extremely weak with most of the sectoral indices
trading in red.
On the Major sectoral front, all indices are in red lead by PSU
Bank -2.27%, Realty -2.03% & Bank Nifty -1.90% stocks are in red territory.
The overall market breadth is flat (A= 336/ D =1122).
Securities in Ban: IBREALEST, INDIACEM, JINDALSTEL &
JISLJALEQS
On the index options front, highest OI is placed at 7300 strike CE
(74.22 Lakhs) & 7400 CE (72.90 Lakhs), on the flipside highest PUT OI is at
7000 strike (81.17 Lakhs).
Buzzing stocks: The sell recommendation of TCS and Ashokleyland
going well.
Currency Fut: The currency futures are trading mix except JPYINR
is trading higher whereas other pairs are trading flat.
Today, Gold has support at 28800 and resistance at 29500---29650
while Silver has support at 36400 and resistance at 37300‐‐‐38000. Traders can trade in a range with
strict stop loss and wait for confirmation.
India VIX is trading at 21.25, down by 1.18%.
Equity Market is in downtrend and it will remain continue. Nifty
spot find crucial support at 6850 for positional traders.
Trade with levels only.
