Kal pe Nazar (16-April-2024) Following a gap-down opening, th | Kotak Securities

Kal pe Nazar (16-April-2024)

Following a gap-down opening, the Nifty experienced a rebound in the initial trading hours. However, as the session progressed, intensified selling pressure led to a decline in the latter half of the day. Consequently, the Nifty settled near its daily low, registering a significant loss of 1.10 percent.

Today, the Nifty Midcap 100 index demonstrated weaker performance compared to the Nifty 50 index, closing with a substantial loss of 1.57 percent.

Among a range of sectors, Energy and Metals stood out as top performers, exhibiting strength. Conversely, Media and PSU Banks lagged behind, facing hurdles and displaying weaker performance throughout the trading session.

The options market indicates that the highest open interest on the call side is at 22700 level, while on the put side, its at 22000. Looking at today's option chain, we observe a greater amount of call writing activity compared to put writing, signaling a bearish sentiment in the market.

The Volume Weighted Average Price (VWAP) suggests a trading range for the next day between 22215 and 22460. The Max Pain is seen at 22400 spot with the CE/PE Combined Residual Premium/Pain Value of 346.54 Crores.

In the cash market, Foreign Institutional Investors (FIIs) were net seller with an activity totaling 3268.00 crore, while Domestic Institutional Investors (DIIs) exhibited a net buying activity of 4762.93 crore.

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Source: www.nseindia.com