MARKET TREND - ROARING STOCKS:
With Insurance Bill introduction, news on payment banks and oil prices have influenced more on Bank Nifty and supported Market to recover from its lows. Stocks specific action and bottom fishing helped to increase market breadth. Short coverage and protectionism forced to increase the derivative OI to 8400 - 8600. Options open interest higher adding taken in 8550 CE and 8250 PE, which indicate the hedging range positions.
Yesterday FIIs have taken the advantage of market news and technical values and went for coverage of their positions. FIIs are net sellers in total derivatives session for the worth of 1915.49cr. Particular to Index Futures FIIs are net sellers of 35810 contracts worth of 845.07cr, by adding 21573 Shorts and square off 14237 Long contracts, which contributed net decrease of OI by 7336 contracts. In Equity Segment FIIs are marginal net buyers by 5.39cr and DIIs are net sellers for the worth of 519.05cr. Rupee losses 0.49ps ground and closed at 62.26.
Today most Asian Markets drastically recovered from it lows and turn volatile. Our Nifty also may open flat to negative in line with our SGX Nifty. Market wait for Europe market to take clues. Yesterday lows may act support to Nifty.
NIFTY SPOT LEVELS:
Pivot: 8350
Support: 8322/8290/8263
Resistance: 8382/8410/8442
NIFTY FnO BAN: NIL
STOCKS TO WATCH (POS/DAY BASED ON LEVELS GIVEN)
LICHSG: BUY > 445 TRG 450/464 SL 437
HAVELLS: SELL < 321 TRG 296 SL 335
INFY: SELL < 1969 TRG 1954 SL 1980
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