Indian Market Outlook: The Indian Benchmark Index Nifty saw selling yesterday after a gap down opening at 7954. The Index made a low of 7896 after breaching the important level of 7916. Nifty traded in the range of 7900-7938 before closing at 7917. The markets in the December series saw heavy selling by FII's in the cash and F&O segment. There is a possibility that Nifty can close at the lowest level in this clearing if it is unable to close above 7954. The Index is trading below an important gap level of 7916 and it could test the next target 7720-7725 if 7916 is breached.
Bank nifty is also trading down below the gap level of previous month low of 17911 and closed yesterday at 17700 with a possible price target of 17346.The selling is seen in all major sectors along with mid cap and small cap stocks shows the breath is clearly in sell and next few days are critical for bulls as it holds 7900 levels.
Nifty Future is opening at 7924 as per SGX Nifty at 8:30 am IST, 6 points above its previous close of 7918.
FII Activity for the year 2016
The net FII's figure in cash market has turned negative amounting to Rs.-8837.76 Cr, after heavy Nov Selling figure, which was Rs. 19981.5 Cr
Open Interest Index F&O and Cash Segment Activity
In Cash segment, last trading day, FII have sold shares worth Rs.1095 Cr and DII bought shares worth Rs.1065.4 Cr. A combined sell of Rs. 29.65 Cr. For this expiry, FII and DII together are net sell worth Rs. 3229 Cr.
In Index Options, last trading day, FII have sold 17395 contracts, above its post Demonetization average of 8577 contracts. Pro have sold 19945 contracts, below its post Demonetization average of 26619 contracts. Combined there has been a net sell of 37340 contracts, above its post Demonetization average of 31662 contracts. For the current expiry, FII and Pro combined are net sellers of 162411 contracts.
In Index Futures, last trading day, FII have bought 1046 contracts, below its post Demonetization average of 3577 contracts. Pro have sold 3250 contracts, below its post Demonetization average of 4177 contracts. Combined there has been a net sell of 11602 contracts below its post Demonetization average of 5200 contracts. For the current expiry, FII and Pro combined are net buyers of 11602 contracts.
International Market Morning Update:
International markets were closed due to the holiday season yesterday. Today Nikkei has opened at 19450 which is just 30 points above its previous day close of 19427.
Data as on 23rd December 2016. The % change is taken from previous day's close.
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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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