Market Update: Profit Booking at Higher Levels Pulls Nifty and Sensex Lower
Benchmark indices experienced profit booking at higher levels. The Nifty closed 74 points lower, while the Sensex fell by 271 points. Among the sectors, the real estate index outperformed, gaining over 2%, while the digital index suffered the most, closing approximately 1.5% lower.
Market Recap
After a flat start, Nifty remained range bound for most of the day, but witnessed mild selling pressure towards the close, and finally settled negative with a loss of 0.30%
The Nifty Midcap 100 outperformed the Nifty 50, closing positive with a marginal gain of 0.08%
Market Movement Summary
| Index | Closing Points (Approx.) | Change | % Change |
|---|---|---|---|
Nifty | 24,835 | -74 points | -0.30% |
Sensex | (Not specified) | -271 points | (Not specified) |
Nifty Midcap 100 | (Not specified) | +Marginal gain | +0.08% |
Sector Performance
| Sector | Performance |
|---|---|
Realty | +2% (outperformed) |
PSU Bank | Top Performer |
IT | Lagging Sector |
Media | Lagging Sector |
Digital Index | -1.5% (largest fall) |
Technical Perspective
After a muted opening, the market faced selling pressure at higher levels. The daily chart formed a small bearish candle, indicating temporary weakness. However, the short-term market structure remains positive.
For day traders, the levels of 25,000-25,100 / 82,200-82,500 will act as a trend-deciding zone. If the market falls below this level, we may see an intraday correction towards 24,800-24,700 / 81,500-81,200, where there is support from the 10-day EMA.
Conversely, a breach of 25,100 / 82,500 could change market sentiment. If this level is surpassed, the market has the potential to rise towards 25,300-25,400 / 83,100-83,400.
Key Technical Levels
| Level Type | Points / Value |
|---|---|
Trend-Deciding Zone | 25,000 - 25,100 / 82,200 - 82,500 |
Support Zone | 24,800 - 24,700 / 81,500 - 81,200 |
Resistance Zone | 25,300 - 25,400 / 83,100 - 83,400 |
Trading Strategy:
-
Buy Nifty if it crosses 25,100, with a stop loss set at 24,950.
-
Buy at support between 24,800 - 24,700 levels.
Bank Nifty Outlook
It is essential for Bank Nifty to surpass the 56,100 level; until then, maintain a range trading approach between 56,100 and 54,100.
Options Market Insights
| Metric | Value |
|---|---|
Highest Call side OI | 25,500 & 25,000 Call |
Highest Put side OI | 24,500 & 25,000 Put |
Put-Call Ratio (PCR) | 0.603 |
Max Pain | 24,950 |
VWAP Range | 24,835 – 25,165 |
Sentiment | Higher Call writing compared to Put writing → Cautious Undertone |
Options Open Interest Snapshot
| Strike Price | Call Open Interest | Put Open Interest |
|---|---|---|
25,500 | High | Low/Not specified |
25,000 | High | High |
24,500 | Low/Not specified | High |
Institutional Activity
| Participant | Activity |
|---|---|
FIIs (Foreign Institutional Investors) | Net Sellers ₹525.95 crore |
DIIs (Domestic Institutional Investors) | Net Sellers ₹237.93 crore |
Investments in securities market are subject to market risks, read all the related documents carefully before investing. This information is purely backed by KSL research analyst based on research recommendation. Kotak Securities Ltd has registration granted by SEBI, Enlistment as RA and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Registered Office: 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400051. SEBI Registration No. INZ000200137 (Member of NSE, BSE, MSE, MCX & NCDEX), Member Id: NSE-08081; BSE-673; MSE-1024; MCX-56285; NCDEX-1262. Research Analyst INH000000586; BSE Enlistment No: 5035 for compliance T&C and disclaimers, Visit https://ddei5-0-ctp.trendmicro.com:443/wis/clicktime/v1/query?url=https%3a%2f%2fbit.ly%2flongdisc&umid=818E14E7-34FE-7906-906B-8F0B1C42A394&auth=d2c41a7df2e2ef1fca42bbbefb1c825d24cf1548-36f3d1caa4f5ef82b030dac05eca909befcec775,
