Indian Market Outlook: Indian benchmark Index Nifty saw Nifty opened gap down at 8165 on Friday. It made a high of 8190 and saw a sharp selloff of 95 points to make a low of 8095 in the last hour of trading Friday. Nifty finally closed at 8109. FII have continued their relentless selling in the month of December with a selling of Rs. 593 Cr in last 2 days. As stated earlier by Dynamic Levels, Nifty took resistance near its weekly level of 8288 and might continue to witness this pressure.
Italy's Prime Minister is going to submit his resignation after 60% of the voters voted against the proposed changes in the constitution. This will have an adverse effect as this has resulted in a political turmoil in the country. We should keep a watch on the European Markets today as a continued selling in the European Indices can result in Nifty remaining under pressure.
7th of December, Wednesday this week, we have Urjit Patel, RBI governor's, second monetary policy where markets have high hopes of a interest rate cut. A rate cut would result in a weaker Rupee which would directly benefit the export oriented companies and rate sensitive companies. IT and the financial services sector would be the direct beneficiaries.
Nifty Dec Futures is expected to open at 8104 as per SGX Nifty at 8:30 am IST, which is 16 points below its previous close of 8109.
FII Activity for the year 2016
The figures here clearly show that FII have been selling heavily to the tune of Rs. 19981.5 Cr in the month of November, the largest 1 month selling for the year 2016.
The month of December too has started on a negative note with FII selling worth 593.14 Cr.
Open Interest Index F&O and Cash Segment Activity
In cash segment, last trading day, FII have sold shares worth Rs.191 Cr and DII sold shares worth Rs. 418 Cr. A combined sell of Rs. 609 Cr. For this expiry, FII and DII together are buyers worth Rs. 290 Cr.
In Index Options, last trading day, FII have sold 6475 contracts, below its 1 year average of 18280 contracts. Pro have sold 30413 contracts, above its 1 year average of 27670 contracts. Combined there has been a net sell of 36888 contracts, below its 1 year average of 39000 contracts. For the current expiry, FII and Pro combined are net buyers of 68962 contracts.
In Index Futures, last trading day, FII have bought 3300 contracts, below its 1 year average of 9706 contracts. Pro have bought 924 contracts, below its 1 year average of 4903 contracts. Combined there has been a net buy of 4224 contracts below its 1 year average of 9401 contracts. For the current expiry, FII and Pro combined are net buyers of 5314 contracts.
International Market Morning Update:
International markets along with S&P and Dax are showing weakness.
In today's trading the Asian peers too are trading in Red. The weakness pervades the global markets.
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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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