Nifty Flirting With 11600 Level, Which Is Acting As Resistance For The Market

Nifty Flirting With 11600 Level, Which Is Acting As Resistance For The Market

Shailesh Saraf  | Jul 12, 2019 11:04

Nifty Flirting With 11600 Level, Which Is Acting As Resistance For The Market

From last three days, Nifty is trying to hover around 11600 levels but is unable to cross that level which is acting as resistance for Nifty. Yesterday also Nifty made a high of 11599 and closed at 11583. Today early morning also Nifty made a high of 11608 but unable to sustain above 11600 levels. We expect the market to remain weak until and unless it closes above 11625 which is its previous months low. However we also have to correlate Index option data also, if FII & pro continue to sell and Nifty not breaching 11625 level then we can see further fall in the market.

Sector Analysis:

Yesterday on weekly expiry, the market ended into a positive zone but still, most of the major and minor sectors remained flat. There were only a few sectors which were up by 1% only.
Top 5 performing companies of yesterday were Himatsingka Seide (NS:HMSD) (Textiles and Apparel) by 11.07%, BEML (NS:BEML) (Industrial Manufacturing) by 7.63%, Jain Irrigation (NS:JAIR) Systems (Industrial Manufacturing) by 6.61%, Himachal Futuristic Communications (NS:HMFC) (Telecom) by 6.45% and Redington India (Services) 6.39%.

US Data

The US 10 Year T-Note is trading at 126.90. The Bond has crucial support at 117.42 made on 5th Nov 2018. The US Dollar Index is trading at 96.542.

Open Interest Analysis:

FII & PRO are the major players in the Derivatives segment and have an upper hand in the market and their position provides direction to the market. In the June month expiry, they have started with the position of (-47429) contracts in Index option (both FII & PRO combined) when Nifty spot was trading at 11842. As on last trading day, they have a net position of (-136742). In the last day of the Weekly Expiry, FII and PRO have squared off 219895 contracts of short position and have (-136742) open contracts:

Index Options

Index Options

Cash Market Data

In the last 10 days, FII and DII in combined have bought stocks in cash segment worth Rs.207.53 Crores.
Cash Market Data

Sector performance as on 11th July 2019

Sector performance as on 11th July,2019

Sector-wise Small Cap gainers as on 11th July 2019

Sector wise Small Cap gainers as on 11th July, 2019

Large Cap Gainers & Losers as on 11th July 2019

Large Cap Gainers & Losers as on 11th July, 2019

Mid Cap Gainers & Losers as on 11th July 2019

Mid Cap Gainers & Losers as on 11th July, 2019

DISCLAIMER:

There is no guarantee of profits or no exceptions from losses. The investment advice provided are solely the personal views of the research team. You are advised to rely on your own judgment while making investment / Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. You should read and understand the Risk Disclosure Documents before trading/Investing.

Shailesh Saraf

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