Strong Buying seen in Nifty as it closed above 8250, next target 8400

Indian Market Outlook: Nifty is opening at 8280 almost 30 points gap up on strong Global cues. Indian benchmark Index Nifty saw smart buying after a gap up opening yesterday. Nifty opened at 8200 and jumped to 8240 in the morning session and continued to trade above this level throughout the day. The index closed at 8260, backed by FII's who bought 699 crs in the cash market, which is its highest investment in a single day since October.

Smallcap Index as well as banking sector rallied to close at its highs. This shows broad based buying may happen in the cash market in the coming days.

Nifty Dec Futures is expected to open at 8280 as per SGX Nifty at 8:30 am IST, which is 27 points above its previous close of 8253.

FII Activity for the year 2016

The net FII's figure in cash market has turned marginally positive oppose to Nov Selling figure, which is Rs. 19981.5 Cr

Open Interest Index F&O and Cash Segment Activity

In cash segment, last trading day, FII have bought shares worth Rs.699 Cr and DII bought shares worth Rs. 64.32 Cr. A combined buy of Rs. 763.20 Cr. For this expiry, FII and DII together are net buy worth Rs. 763.20 Cr.

In Index Options, last trading day, FII have bought 12469 contracts, below its 1 year average of 18280 contracts. Pro have bought 95550 contracts, above its 1 year average of 27670 contracts. Combined there has been a net buy of 108019 contracts, above its 1 year average of 39000 contracts. For the current expiry, FII and Pro combined are net buyers of 146005 contracts.

In Index Futures, last trading day, FII have bought 22478 contracts, above its 1 year average of 9706 contracts. Pro have sold 647 contracts, below its 1 year average of 4903 contracts. Combined there has been a net buy of 21831 contracts above its 1 year average of 9401 contracts. For the current expiry, FII and Pro combined are net buyers of 27419 contracts.

International Market Morning Update: International markets continued the buying and after the ECB credit policies where the stimulus time line was extended European index Dax went up by 200 points. S&P Futures also rose and made a new all time high showing all round positive view, S&P 500 is trading at 2247 above its all time high of 2213.

Today Nikkei has broken above its 1 year high of 18746 and trading at 18974. All other Asian indices are trading above their recent highs.

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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.