Wednesday, 30 May 2018

Market Outlook Before And Trade Setup For Thursday, 31st May,2018

Market has taken a gap down opening following global cues and concern arising because of italian political uncertainty and rising EURO/USD though rupee mange in the day with sharp recovery of .40 P.  Volatility remained throughout the session but index able to managed 10550 support and pull back to 10650 before getting closed at 10614.

Nifty if nifty take this support (10540) to achieve level of 10680 and 10740 on higher side while braking support of 10550 can take it to 10480 which may cause further closer of long position and create selling pressure.

It has seen lower rollover compared with the average of last six months, while roll cost was very low comparatively, which suggests a neutral market stance for the foreseeable future

India VIX moved up 2.16 per cent to 13.41 level, suggest a volatile expiry session tomorrow.

Option Summary

On the options front, maximum Put open interest was intact at 10,500 followed by 10,600, while maximum Call OI was at 10,800 followed by 10,700. Put writing was seen at strike price 10,500 while significant call writing was seen at 10,600 then 10,550. Options data suggested a broader trading range between 10,550 and 10,700 levels.


Banknifty too remain very volatile throughout the session, Bank Nifty has to hold above 26,250 to witness any upward move towards 26,500 and then 26,750 levels, while on declines, major support is seen near 26,100 and 26,000 levels. Trading Range for tomorrow will remain 26000-26500 which are vwap for  bankinfity on daily and weekly charts.

FII & DII data:

Foreign institutional investors (FIIs) sold shares worth Rs 1,286.91 crore, while domestic institutional investors bought shares worth Rs 492.46 crore in the Indian equity market, as per provisional data available on the NSE.

Stocks in news:

  • ICICI Bank-Videocon case: Bank calls for probe against Chanda Kochhar after another complaint

  • Bhushan Steel: Firm reiterates that increase in share price or volume is purely due to market conditions.

  • UltraTech: The firm has received letter of intent from Binani Cement’s committee of creditors

  • Punj Llyod posts Q4 profit of Rs 944 crore.

  • EIH: Q4 net up 11% at Rs 56 crore

  • IOB: Q4 loss widens to Rs 3,606.73 cr on rising bad loans

Bulk Deals:

Jubilant Foodworks: Axis Mutual Fund bought 359,250 shares at Rs 2,542.77 per share

Jauss Polymers: Pratibhuti Viniyog bought 100,050 shares at Rs 18.15 per share