The markets opened on a positive note, but briefly touched the intraday low within the first hour of the trading session, and again made a smart, V shaped recovery from that point and touched the intraday high, in the second half of the trading session, but slowly started loosing their momentum and ended almost flat by the end of the entire trading session. The Nifty and the Sensex, closed up marginally by 4 and 22 points respectively. The market breadth was also marginally positive with 754 advances to 685 declines. On the sectoral front , the IT sector was the biggest gainer, and the FMCG sector was the biggest looser, while in the rest of the sectors, there was hardly any activity. On the individual stock front, HCL Tech, CAIRN & WIPRO managed to buck the trend. On the institutional side there was very little participation, with FIIs turning net buyers to the tune of merely 90 crores, while the DIIs were net sellers to the tune of 199 crores in the cash market.
On the derivatives side FIIs were net buyers in both Index and Stock futures to the tune of 216 & 327 crores. Nifty future closed at 4982, with 8 points discount to the spot, along with a considerable loss of open interest. On the options side, the PCR marginally increased to 1.19, along with a marginal increase in the India VIX by 1.48%. On the Call options side, the 4900 call lost the maximum interest, followed by the 4800 & 5200 calls, on the other hand 5100 was the only call that added the maximum open interest. On the Put option side, the 4800 put added added the maximum open interest, followed by the 5000 & 4900 puts, while the 4700 put lost the maximum open interest followed by the 5100 put. The activity in the F&O space indicates, rollover activity picking up at a hectic space and the June futures adding up positions, with a 5 point discount to the spot. The market participants will be closely watching , whether this discount will widen or turn into a premium, within the next two days, in order to take further positions in the next month. On the currency front, the Rupee depreciated once again and the USD-INR June future closed at 55.94.
On the technical side, Nifty came very close to the overhead resistance of 5028, but could not close above the 5000 mark, but the technical indicators on the daily and weekly charts, indicate there is some more steam left, before the short term rally fizzles out. The levels to watch out for Nifty will be 5028. 5035 & 5050 on the upside and 4976, 4955 & 4936 on the downside.
On the international market front, the Asian and European markets have closed on a positive note, and the U.S.markets are trading in the green, as Greek election polls pointed to support for pro-bailout parties, overshadowing a weak read on U.S. consumer confidence. On the energy futures front, the Brent and WTI crude futures are trading marginally down, at 106.59 & 90.68 $/bbl.
AXIS BANK - BUY 1014-1020. SL 1000. TGT - 1036, 1044, 1060.
LT - BUY 1192 - 1198. SL - 1175. TGT - 1213, 1227, 1232.
ICICI BANK - BUY 824- 830. SL - 810. TGT - 845, 852.
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