Indian Stocks 11-January2016

Nifty50 opened in downward gap at 7527, slide down to make day's low at 7494, recovered and hovered around 7540, climbed to day's high at 7605 and closed 0.49% lower at 7563. In today's session, Nifty50 traded in RED. India Volatility Index- IndiaVix traded in GREEN and closed 5% higher at 18.7 level. NSE Advance Decline Ratio(ADR) hovered between 0.2 and 0.75, and finally closed at 0.57. On NSE, January expiry USD- INR future traded in GREEN and closed 0.24% higher at 66.98 INR.

Bank Nifty closed 0.78% lower. NiftyAuto Index closed 0.1% higher. NiftyMetal Index closed 0.27% lower. NiftyPharma Index closed 1.62% lower. NiftyIT Index closed 1.51% lower. NiftyFMCG Index closed 0.15% lower. NiftyReality Index closed 0.24% higher.

Reliance closed 2.75% higher. TataSteel closed  0.28% lower. OrissaMines made fresh 52 low and closed 0.36% lower. SunPharma opened in downward gap and closed 1.28% lower. Dr. Reddy Lab (DRL) made fresh 52 week low and closed 2.73% lower. Infy closed 0.83% lower. Oberoi Reality closed 0.72% lower. SBI made fresh 52 week low and closed 1.91% lower. In today's trade, Three other PSU Banks namely PNB, BankIndia, CanaraBank made fresh 52 week low and closed in RED. ICICIBANK also made fresh 52 week low and closed 2% lower. TataMotor closed 2 % higher. M&M closed 3.24% lower.

Chines market closed 5% lower. In line with this, in intraday trade, Nifty50 opened in downward gap, just below its double bottom support at 7540 & 7550. In Intra day trade Nifty50 also broke the psychological level of 7500. After testing 7600 level, Nifty50 finally closed just above 7550 level. 

On NSE, Turnover in Equity and Derivative segment was higher than previous session. As per EoD provisional statistics, FII/FPIs Sold equity worth 1,319 crore INR(net), and DIIs Bought equity worth  900 crore INR(net).

At the end of session, India Vix is placed in GREEN. NSE ADR is placed around 0.5. Both these together indicates weak undertone. Looking to today's volume data, in coming sessions, Nifty50 likely to test 7400 support level.  

Disclaimer :-

Writer may have position in market/s as per risk profile and market condition. Reader/s must consult financial adviser/s, while acting on provided information. Writer may have discussed similar things with friends in group. 

Written Date :  11-January 2016  21:00 hours IST .