Indian Market Outlook: Indian Benchmark Index Nifty has taken support of 7925 levels to close at 8014 yesterday. The pullback yesterday in the last hour of trading is expected to continue today morning as well with SGX Nifty indicating a gap up opening at 8050. However, the overall trend of the market is down and this rally can be attributed to markets being oversold and correcting itself. Yesterday, Bank Nifty also saw a pullback closing above 18500 along with NSE Small Cap Index, which saw a 100 point uptick in the latter half of the trading session.
Nifty has a resistance of 8120-8130 and the markets can retest these levels upwards and Bank Nifty can go up to 18860 levels.
Nifty Futures is expected to open at 8050 as per SGX Nifty at 8:30 am IST, which is 36 points above its previous close of 8014.
FII Monthly Cash Activity for 2016:
FII's have sold shares worth Rs. 13296 Cr in the month of Nov. Such heavy selling was experienced in the month of Jan, 2016 to the tune of Rs. 14356 Cr and it stretched into the month of February where FII's were sellers worth Rs. 12513 Cr and Nifty reacted negatively by ending February down 550 points from Jan close.The current selling also signals an extended weakness in the markets.
Top 3 option strikes for Nov Expiry:
The above table shows that for the month of November, heavy Open Interest in call stands at 8200 strike and in Put at 8000 strike. This signals that the expiry is going to be in the range of 8200 to 8000.
Open Interest Index F&O and Cash Segment Activity
In cash segment, last trading day, FII have sold shares worth Rs.1310 Cr and DII bought shares worth Rs. 1211 Cr. A combined sell of Rs. 99.8.12 Cr. For this expiry, FII and DII together are sellers worth Rs. 2188 Cr.
In Index Options, last trading day, FII have sold 43928 contracts, above its 1 year average of 18280 contracts. Pro have sold 26843 contracts, below its 1 year average of 27670 contracts. Combined there has been a net sell of 70771 contracts, above its 1 year average of 39000 contracts. For the current expiry, FII and Pro combined are net sellers of 581640 contracts.
In Index Futures, last trading day, FII have bought 18219 contracts, above its 1 year average of 9706 contracts. Pro have sold 17558 contracts, above its 1 year average of 4903 contracts. Combined there has been a net buy of 661 contracts below its 1 year average of 9401 contracts. For the current expiry, FII and Pro combined are net sellers of 64834 contracts.
International Market Morning Update:
International markets are having a positive week with S&P futures trading at all time high of 2202 and German Dax showing positive upside movement but is unable to break the upside range of 10828.
In today's trading, Japan's Nikkei is trading flat.
Trump presidency's policy disclosure and the Dec rate hike expectations in the US can keep the markets volatile for the days to come.
Data as on 22nd November 2016. The % change is taken from previous day's close.
DISCLAIMER:
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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