Indian Market Outlook: Indian benchmark Index Nifty after a gap down opening yesterday could not recover and closed at 8530, near the day's low. The data shows that FIIs were big sellers in both cash and F&O segment. This data is very significant at 8500 levels, as this is a big monthly level from where the markets have reversed twice in the past few trading sessions. This support in Nifty if breached on the downside, will make the medium term trend sell with the downside target of 8200. In yesterday's trading, banking stocks were down by 1-2% on an average and IT stocks lead by Infosys continued to make fresh 52 week lows. NSE Small Cap Index saw profit booking yesterday. 6250 becomes critical support level and below it the short term trend will turn to sell.
Nifty Futures is expected to open at 8494 as per SGX Nifty at 8:30 am IST, which is 55 points below its previous close of 8549.
Open Interest Index F&O and Cash Segment Activity:
In cash segment, last trading day, FII have sold shares worth Rs. 667.37 Cr and DII bought shares worth Rs. 407.30 Cr. A combined sell of Rs. 260 Cr. For this expiry, FII and DII together are buyers worth Rs. 61 Cr.
In Index Options, last trading day, FII have sold 42397 contracts, above its 1 year average of 18280 contracts. Pro have sold 39607 contracts, above its 1 year average of 27670 contracts. Combined there has been a net sell of 82004 contracts, above its 1 year average of 39000 contracts. For the current expiry, FII and Pro combined are net sellers of 62235 contracts.
In Index Futures, last trading day, FII have sold 13353 contracts, above its 1 year average of 9706 contracts. Pro have bought 5351 contracts, above its 1 year average of 4903 contracts. Combined there has been a net sell of 8002 contracts below its 1 year average of 9401 contracts. For the current expiry, FII and Pro combined are net sellers of 41456 contracts.
International Market Morning Update:
Data as on 2nd November 2016. The % change is taken from previous day's close.
International markets were a sea of red with German Dax falling by more than a percent for second consecutive day. It is falling from the recent high of 10825 to 10350, which is a fall of 475 points in a matter of five trading sessions.
US markets were down by 0.5% with S&P Futures making a low of 2088. The next downward target for S&P is 2065. The big trigger, which is eagerly awaited by all global markets, will be US Presidential elections the results to be announced on 9 November during market hours.
In Asian market Japan markets are closed for a holiday.
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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