Nifty Witnesses Profit Booking, Support Of 8710 Critical

Indian Market Outlook:

Indian benchmark Nifty witnessed major profit booking in the September series for last 2 trading sessions. Nifty corrected by 100 points from its recent high of 8900 but with the exception of Reliance Industries which has gained 1.68% in last 2 days. Other major Indices, namely Bank Nifty and NSEIT have witnessed profit booking too. Bank Nifty fell below its critical support level of 19810. As per Dynamiclevels, the next weekly target is 19100. FIIs were sellers in both cash and F&O segment which suggests that if the support of 8710 is breached the next target can be 8550.

Nifty Futures is expected to open at 8743 as per SGX Nifty at 8:30 am IST, which is 10 points above its previous close of 8733.

Open Interest Index F&O and Cash Segment Activity

Open Interest Index F&O and Cash Segment Activity

In Cash segment, Last trading day, FII have sold shares worth Rs. 206.40 Cr and DII sold shares worth Rs. 113.35 Cr. A combined sell of Rs. 320 Cr. for this expiry, FII and DII together are buyers worth Rs. 2769 Cr.

In Index Options, last trading day, FII have sold 41162 contracts, above its 1 year average of 18280 contracts. Pro have sold 63711 contracts, above its 1 year average of 27670 contracts. Combined there has been a net sell of 104873 contracts, above its 1 year average of 39000 contracts. For the current expiry, FII and Pro combined are net sellers of 138706 contracts.

In Index Futures, last trading day, FII have sold 18603 contracts, above its 1 year average of 9706 contracts. Pro have bought 6059 contracts, above its 1 year average of 4903 contracts.Combined there has been a net sell of 12544 contracts above its 1 year average of 9401 contracts. For the current expiry, FII and Pro combined are net buyers of 63003 contracts.

International Market Morning Update:

27092016_2International markets witnessed major profit booking yesterday. US Index S&P Futures came down to 2134, near the major support level of 2110-2120. The sell off from recent high of 2171 after Fed policy meet is indicating a sharp profit booking. The same phenomena has been a feature in all international markets in last two trading sessions. German Dax corrected by 2 percent in trading yesterday, the single biggest fall in the month of September. The increase in volatility signals that corrective phase has started and can continue for a few days. In today’s trading, Asian markets are down with Japan’s Nikkei trading lower by 0.69% from previous close.

List of Top Gainers and Losers on 26th Sep 2016

 

 27092016_3

Dynamic Sector Performance

27092016_4

 

 

The Percentage denotes Sector wise performance.

Airlines Sector was the Top performing sector and it rose by 2.35% , Auto- Tyres & Tubes Sector rose by 1.79% followed by Footwear Sector which was up by 1.16%

Stocks Near Support

 

 27092016_5

DISCLAIMER

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.

Post Comment