Stock markets rose on Thursday and closed the day at record highs when once again. S&P BSE Sensex now sits at 46,890 whilst the 50-stock NSE Nifty is at 13,740. The rally in current weeks has been aided by foreign institutional investors who have been pumping funds into Indian stock markets as the country’s financial activity picks up pace. Broader markets underperformed the benchmarks with midcap and smallcap gauges closing in the red. Sectorally, Nifty Media, Metal, and PSU Bank have been the prime drags whilst Nifty Financial Services and Nifty Realty gained.
Global cues: On Friday morning, SGX Nifty was trading 26 points greater. Equity indices in the United States closed with gains throughout yesterday’s session. NASDAQ Surged .84%, Dow Jones gained .49%. Asian peers have been mixed throughout the early hours of trade on Friday. Shanghai Composite was flat to optimistic whilst Hang Seng traded with losses, Nikkei 225 was marginally reduced whilst TOPIX inched up. KOSPI and KOSDAQ have been also moving in separate directions.
FII and DII activity: Foreign Institutional Investors (FII) are not just providing up on India. On Thursday FII purchased Rs 2,355 crore worth domestic securities, taking their total getting this month to Rs 35,775 crore. Domestic Institutional Investors (DII) however once again pulled funds away, this time to the tune of Rs 2,494 crore.
Call and Put information: For the December series maximum Call Open Interest (OI) is placed at 13,000 strike with 22.08 lakh contracts, followed by 19.44 lakh contracts at 13,500 strike. Put OI is the most at 13,000 strike with 44.84 lakh contracts. The 13,500 strike has 31,47 lakh contracts.
Support and resistance: The brief term trend of Nifty continues to be variety bound with optimistic bias and comparable sort of movement is anticipated in the coming session, according to Nagaraj Shetti,, Technical Research Analyst, HDFC Securities. He sees an upside target for Nifty at 13,900-14,000 and quick assistance for the index at 13,660. On the other hand, Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities mentioned that the market place really should trade amongst the trading variety of 13840 and 13600 levels. “Sell Nifty if it bounces to 13840/13850 levels. Keep a final stop loss at 13900 for the same,” he added.
Deals: Adani Logistics continued to trim its stake in Snowman Logistics, promoting more than 11 lakh shares of the firm on Thursday. Ram Family Trust sold shares of Majesco, the smallcap IT firm that announced a enormous dividend not too long ago. Shares of the firm have been purchased by Third Alpha LLP and ICICI Bank treasury account.