Indian Market Outlook: Indian benchmark Index Nifty is opening gap up by 90 points. The volumes in cash segment has remained below its daily average as FII and DII have reduced their investments post demonetization. However FII's have been buyers in last 2 trading with below average buying.
Nifty has support at 8060 and Bank Nifty has a strong support at 18000. Indian markets are under performing to its global peers, and there is a strong possibility that Nifty can see buying as FII have been buyers in the cash market in the past few trading sessions. The resistance of 8260 is very critical and a big up-move can take place on crossing this level.
International markets have given a buy breakout on expectation that ECB monetary policy will extend its asset purchase programme beyond March 2017. Markets are also awaiting the US federal reserve meeting which is due next week. S&P 500 gave a buy breakout of its all time high 2213 and made a high of 2241, on the other side European market index DAX gave a buy breakout above its 1 year high of 10826 with next target of 11415.
The Indian rupee has appreciated by 1.78% from its recent which will put pressure on IT companies profitability.
Nifty Dec Futures is expected to open at 8199 as per SGX Nifty at 8:30 am IST, which is 63 points above its previous close of 8136.
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 555.53 Cr. However, FII has bought for the second time since Nov 9th, signaling to some strength going forward.
Open Interest Index F&O and Cash Segment Activity
In cash segment, last trading day, FII have bought shares worth Rs.193.66 Cr and DII sold shares worth Rs. 56.28 Cr. A combined buy of Rs. 137.40 Cr. For this expiry, FII and DII together are net sell worth Rs. 310 Cr.
In Index Options, last trading day, FII have sold 6921 contracts, below its 1 year average of 18280 contracts. Pro have sold 17839 contracts, below its 1 year average of 27670 contracts. Combined there has been a net sell of 24760 contracts, below its 1 year average of 39000 contracts. For the current expiry, FII and Pro combined are net buyers of 37986 contracts.
In Index Futures, last trading day, FII have bought 3389 contracts, below its 1 year average of 9706 contracts. Pro have sold 2250 contracts, below its 1 year average of 4903 contracts. Combined there has been a net buy of 1139 contracts below its 1 year average of 9401 contracts. For the current expiry, FII and Pro combined are net buyers of 5588 contracts.
International Market Morning Update:
International markets are in buy trend and US index SP futures making all time high of 2237 and German Dax closing above 11000 for the first time in an year.The ECB policy meet is eyed and big volatile moves are expected as per the policy announcements.
In today trade Japan Nikkei is trading 170 points above its 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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