Indian Market Outlook: The Indian benchmark Index Nifty showed a positive opening yesterday. Nifty traded between 8690 and 8748 even as sharp buying was seen at 1 pm. The Index made a high of 8748 before a bout of profit booking set in and pushed the Index down to 8720 at close. Banking stocks continued to show strength throughout the day. ICICI Bank and SBIN were the pick of the lot. In the last 6 trading sessions, Bank Nifty had scaled up 1000 odd points providing a strong momentum to the overall banking space. NSE Small Cap Index registered fresh highs even as it closed above the 6500 mark for the first time.
FII's have been sellers in cash market in this settlement which is adding pressure at the higher levels and markets are unable to move up.
Nifty support stands at 8640-8650 and as Nifty stays above these levels the bulls will have control and one can see higher levels for this settlement provided the Global markets lend support.
Tata Group shares might witness selling pressure on the backdrop of Mr. Mistry's removal.
Nifty Futures is expected to open at 8715 as per SGX Nifty at 8:30 am IST, which is 8 points below its previous close of 8723.
Open Interest Index F&O and Cash Segment Activity
In cash segment, last trading day, FII have sold shares worth Rs. 325.13 Cr and DII bought shares worth Rs. 333 Cr. A combined buy of Rs. 8 Cr. For this expiry, FII and DII together are buyers worth Rs. 2707 Cr.
In Index Options, last trading day, FII have bought 18048 contracts, below its 1 year average of 18280 contracts. Pro have bought 3000 contracts, below its 1 year average of 27670 contracts. Combined there has been a net buy of 21048 contracts, below its 1 year average of 39000 contracts. For the current expiry, FII and Pro combined are net buyers of 8589 contracts.
In Index Futures, last trading day, FII have bought 2704 contracts, below its 1 year average of 9706 contracts. Pro have sold 2789 contracts, below its 1 year average of 4903 contracts. Combined there has been a net sell of 85 contracts below its 1 year average of 9401 contracts. For the current expiry, FII and Pro combined are net sellers of 103361 contracts.
International Market Morning Update:
International markets gave a positive closing yesterday as S&P futures closed above 2144, which is the previous week high. The German index Dax closed at 10780 near its 2 month high of 10804 which is a rise of 500 points, however a small correction can set in Dax today. In Asian markets Japan Nikkei is positive by 1%.
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Research Team - Tel: 033-30010001, write to us at clientsupport@dynamiclevels.com to give feedback. Website:www.dynamiclevels.com
1. The investment advice or guidance provided by way of recommendations, reports or other ways are solely the personal views of the research team. Users are advised to use the data for the purpose of information and rely on their own judgment while making investment decision
2. Past performance is not an indicator of future returns.
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