Kal pe Nazar (23-April-2024) Following a gap up at the openin | Kotak Securities

Kal pe Nazar (23-April-2024)

Following a gap up at the opening, the Nifty traded within a narrow range of 22200-22315 for the majority of the session. However, propelled by buying pressure, it surged past 22350 and concluded the day with a positive gain of 0.86 percent.

The Nifty Midcap 100 index lagged behind the Nifty 50 but still managed to end the day on a positive note, recording a gain of 0.82 percent.

Among a range of sectors, PSU Banks and Consumer Durables stood out as top performers, exhibiting strength. Conversely, Media and Metals 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 22600 level, while on the put side, its at 22000. Looking at today's option chain, we observe a greater amount of put writing activity compared to call writing, signaling a bullish sentiment in the market.

The Volume Weighted Average Price (VWAP) suggests a trading range for the next day between 22160 and 22415. The Max Pain is seen at 22300 spot with the CE/PE Combined Residual Premium/Pain Value of 1247.86 Crores.

In the cash market, Foreign Institutional Investors (FIIs) were net sellers with an activity totaling 2915.23 crore, while Domestic Institutional Investors (DIIs) exhibited a net selling activity of 3542.93 crore.

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Source: www.nseindia.com