Nifty Closes Above 8750, Rate Cut Hopes will Help Bulls

Indian Market Outlook:

Indian benchmark Index Nifty gave a positive close yesterday after three days of selling with benchmark Index closing above 8750. This is a very positive sign as today, the last day of F&O expiry of September series, prices have factored the expectations of a rate cut by Reserve Bank of India in the October 4th Credit policy meet. The banking stocks gave strong positive movement with PSU banks among the top gainers and some volatility is expected as today is the last day of September series expiry.

Nifty Futures is expected to open at 8800 as per SGX Nifty at 8:30 am IST, which is 41 points above its previous close of 8759.

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 bought shares worth Rs. 73.83 Cr and DII sold shares worth Rs. 70 Cr. A combined buy of Rs. 4 Cr. For this expiry, FII and DII together are buyers worth Rs. 2709 Cr.

In Index Options, last trading day, FII have sold 7175 contracts, below its 1 year average of 18280 contracts. Pro have bought 66333 contracts, above its 1 year average of 27670 contracts. Combined there has been a net buy of 59158 contracts, above its 1 year average of 39000 contracts. For the current expiry, FII and Pro combined are net sellers of 111349 contracts.

In Index Futures, last trading day, FII have bought 2717 contracts, below its 1 year average of 9706 contracts. Pro have sold 1381 contracts, below its 1 year average of 4903 contracts. Combined there has been a net buy of 1336 contracts below its 1 year average of 9401 contracts. For the current expiry, FII and Pro combined are net buyers of 59959 contracts.

International Market Morning Update

International Market Morning Update: International markets showed an upward bias in yesterday’s trading with US benchmark index S&P futures giving a strong close above 2164. With S&P already consolidating, there is a high possibility of it retesting it’s all time high of 2192.

All Global markets have also consolidated with major central bank meetings over. There is a strong possibility of upsides in all markets which is reflected in Asian markets today, with Japan’s Nikkei trading 1 percent up.

List of Top Gainers and Losers on 28th Sep 2016

 

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Dynamic Sector Performance

 

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The Percentage denotes Sector wise performance.

Stocks Near Support

 

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DISCLAIMER

Research Team – Tel: 033-30010001, write to us at [email protected] 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.

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