It turned out to be a very volatile market yesterday as Market plunged to the news of Mauritius tax treaty.
Though the market recovered post tax treat blow only to be pegged back by global weakness. The European market traded weak as sentiment was curbed by weakness in the banking sector, a slew of corporate earnings and fluctuating oil prices.
On the global front, European indices like FTSE (-0.13%), CAC (-1.08%) and DAX (-0.85%) were trading with marginal loss while the time the report was made.
The Asian Indices like NIKKIE (+0.08%), HANGSENG (-0.93%) and SHANGHAI (+0.18%) displayed mixed trend in today’s session.
On the sectoral front, except NIFTY MEDIA (+4.47%) and NIFTY PVT BANK (+0.23%) none of the other indices closed in green.
From the list of losers, NIFTY PSU BANK (-2.16%) stocks were the underperformers and were followed by NIFTY REALTY (-1.08%) and NIFTY PHARMA (-0.71%) stocks.
In the currency market, most of the pairs were trading flat indicating a mixed trend.
On the stock front, Zee Entertainment Enterprises rallied almost 7% after the company's consolidated net profit rose 12.93% to Rs 260.61 crore on 12.39% growth in total income to Rs 1577.37 crore in Q4 March 2016 over Q4 March 2015. On the other hand, Indian Bank fell 3.73% after net profit fell 59.02% to Rs 84.49 crore on 2.34% increase in total income to Rs 4513.60 crore in Q4 March 2016.
FII’s activity
Cash Market: After three day’s buying activity today FII’s sold 362 cr. in the equity markets; whereas DII’s bought 730 cr. Consequently up till now, FII’s have been net seller in the cash segment to the tune of 762 Cr. while DII’s have bought 1904 Cr. in this series.
F&O Segment: On the Derivative front FII’s have been net buyer for the day to the tune of 1212 cr. The data suggest that they have bought 1145 cr. in the Index option (majorly they have added Put option) well as they have bought 1072 cr. worth stock futures (long addition along with liquidation of existing short positions). Meanwhile, they sold 962 cr. in Index Future with a fall in open interest, suggesting liquidation of long combined with moderate short position.
Index Option Tracker
The Call PUT concentration is at 8000 strike CE with an open interest of 65.44 lakh shares. On the other hand, highest PUT base is at 7700 strike with 51.47 Lakh shares.
In the May series, CE options recorded addition of 1.75 Lakh shares in open interest with a rise in price; on the other hand PE option added 3.23 Lakh shares in open interest with a fall in price.
The highest open interest activity was observed in the 7900 -- 8200 strikes CE with aggregate open interest of 2.31 cr., on the flipside highest PE activity was seen in 7500 – 7800 strikes to the tune of 1.89 cr. open interest.
Fresh build up was seen in 7900 strike CE to the tune of 3.06 Lakh shares, while on the put side fresh build up was seen 7400 strikes to the tune of 4.85 Lakh shares.
Whereas unwinding was seen in 8100, 7800 & 8500 strike CE and on the put side unwinding was seen in 7700, 7300 & 8000 strike PE.
The index is trading in a 200 points range for past nine sessions. Therefore, any significant move on either side of the range can add momentum to retest recent swing high or low, i.e. 7670 or 7992 levels. Only a decisive move above or below this range can decide the trend for next couple of sessions. The option data indicates trading range of 8000 -- 7700 level for the current F&O series.
The Nifty ended below 7850, down 38.95 points or 0.5 percent at 7848.85. The Sensex closed down 175.51 points 25597.02
About 1103 shares advanced, 1446 shares declined, and 158 shares remained unchanged.
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Now what next for today??
Nifty Futures closed down to 7869. Support stands 7820---7770, a break below 7850 will take to 7820----7770. More and more downside panic will see below 7770.
Close below 7770 will take to 7710---7650. 7650 act as major support else it could test its resistance level of 7940 again.
Close above 7940 will take to 7980---8050 mark.
Just trade with levels only... More levels will update during market hours.
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