Nifty futures tanked 134.50 points or .76 per cent in the early trade on Singaporean Exchange, suggesting a gap-down get started for BSE Sensex and Nifty 50 for Monday. Equity benchmarks surged to their fresh lifetime peaks on Friday. During the last week, the 30-share BSE benchmark jumped 710 points or 1.21 per cent. With no significant domestic macroeconomic information announcement this week, investors would keenly track the US Fed interest price choice and other worldwide trends to determine its additional movement. Moreover, industry participants would also track foreign institutional investors movement, rupee-dollar trend, brent crude, and other worldwide cues.
Global watch: Asian stock markets had been trading reduced in early trade. The S&P/ASX 200 in Australia fell 1.21 per cent, when the Hang Seng index dropped 2.18 per cent. While markets in mainland China, Japan and South Korea remained closed on Monday for holidays. In overnight trade on Wall Street, US stocks ended sharply reduced in a broad sell-off on Friday. The Dow Jones Industrial Average fell 166.44 points, or .48%, the S&P 500 lost 40.76 points, or .91% and the Nasdaq Composite dropped 137.96 points, or .91%.
FIIs, DIIs trade activity: On Friday, foreign institutional investors (FIIs) purchased shares worth Rs 1,552.59 crore, when domestic institutional investors (DIIs) offloaded shares worth Rs 1,398.55 crore on a net basis in the Indian share industry.
Technical view: Analysts stated that the industry seemed to have began with profit booking and volatility at the new highs. “Having moved up sharply in the last few sessions, there is a possibility of consolidation or minor weakness in the coming sessions. Important support is placed at 17400 and there is a possibility of upside bounce from the lower levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, stated.
Call, Put OI: Put Open Interest stood at 17,000 followed by 17600 levels, when maximum Call OI was seen at 18000 followed by 17800 levels. The OI has elevated for 17600 PE which implies that the choice writers take into account 17600 levels as sturdy help. On the other hand, the highest raise in OI is for 18000 CE. This implies that choice writers take into account the 18000 level as a sturdy resistance level. Options information recommended a broader trading variety in between 17,600 and 18000 levels, Aprajita Saxena, Research Analyst, Trustline Securities, stated.
Bank Nifty on charts: The trend deciding level for Bank Nifty future is 37200 if it trades and sustains above 37200 Bank Nifty may perhaps test 38345-38550 but if it trades beneath 37200, it may perhaps slide down to 37680-37370. :On technical front momentum indicator RSI when plotted on the each day timeframe can be seen sustaining regularly above the 65 mark which shows sturdy positive momentum in the quick to medium term. If the extended-term bullish trend remains intact Nifty bank can give a move towards 39000 and 39500 levels in the coming weeks,” Saxena added.