Nifty futures have been observed trading 47.50 points down at 13,435.50 in early offers on Singaporean Exchange. Market participants may possibly react to the news that mentioned India is probably to approve Oxford/AstraZeneca’s coronavirus vaccine for emergency use by subsequent week soon after its regional manufacturer submitted added information sought by authorities, Reuters cited two sources as saying. Besides, newsflow associated to new COVID strain will be closely watched. “Volatility is expected to stay high in the near-term due to strict lockdown impacting economic recovery. However, the market is expected to remain bullish in the medium to long term, backed by overall progress in economic activity in 2021,” mentioned Vinod Nair, Head of Research, Geojit Financial Services.
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Bulk offers: Atul Limited purchased 2.14 lakh shares of Majesco at Rs 981.58 per share on Tuesday, according to the NSE bulk offers information. On the other hand, Adani Logistics: Adani Logistics offloaded 9.15 lakh shares of Snowman Logistics at Rs 51.04 per share by means of a bulk deal on Tuesday.
FII and DII information: On Tuesday, foreign institutional investors (FIIs) once again turned purchasers and lapped up shares worth Rs 1,153 crore, though domestic institutional investors (DIIs) offloaded shares worth Rs 661.51 crore on a net basis in the Indian equity industry, according to the provisional information out there on the NSE.
Technical view: “The Nifty 50 index has created a Bullish Harami pattern on the daily chart, indicating a continuation of the bullish trend. However, for the positive momentum to continue we need the Nifty 50 index to be above the 13550 levels. Meanwhile, if the market breaks the 13100 levels, we may see another decline to 12900/12800 levels. On Wednesday, the Nifty would be hit hard at 13550 and 13650 levels,” mentioned Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.
Call, Put selection information: For the December series maximum Call Open Interest (OI) is placed at 14,000 strike with 24.95 lakh contracts. This is followed by 20.83 lakh contracts at 13,000 strike. Put OI is the most at 13,000 strike with 44.92 lakh contracts.
Global watch: Asian stock markets have been trading in the green on Wednesday with Japan’s Nikkei 225 up .13 per cent, and Hong Kong’s Hang Seng index up .14 per cent. In overnight trade on Wall Street, the Dow Jones Industrial Average fell .67 per cent, the S&P 500 lost .21 per cent, though the Nasdaq Composite added .51 per cent.