Indian Market Outlook:
Indian benchmark Index Nifty fell by 200 points as news came out that Indian armed forces carried out surgical strikes in Pakistan Occupied Kashmir. India VIX shot up by 6 points from 14 to 19 points, which is a sign of fear in the equity markets. Banking and high beta stocks came in for heavy selling with only 3 shares in Nifty 51 gaining for the day. FII and DII were net buyers in the cash markets and this shows that panic in the equity markets will be short lived. Markets can bounce back from the support of 8450-8500 Nifty Spot. NSE small cap was trading below the support of 6135 and closed at 5975 down by 462 points from yesterday’s high of 6437. This index if it trades above 6135 will be a positive for the bulls and markets can go higher from there.
Nifty October Futures is expected to open at 8594 as per SGX Nifty at 8:30 am IST, which is 44 points below its previous close of 8638.
Open Interest Index F&O and Cash Segment Activity
In Cash segment, last trading day, FII have bought shares worth Rs. 3413.37 Cr and DII bought shares worth Rs. 1631 Cr. A combined buy of Rs. 5044 Cr. For this expiry, FII and DII together are buyers worth Rs. 7753 Cr.
In Index Options, last trading day, FII have bought 126596 contracts, above its 1 year average of 18280 contracts. Pro have sold 88640 contracts, above its 1 year average of 27670 contracts. Combined there has been a net buy of 37956 contracts, below its 1 year average of 39000 contracts. For the current expiry, FII and Pro combined are net sellers of 73393 contracts.
In Index Futures, last trading day, FII have sold 97652 contracts, above its 1 year average of 9706 contracts. Pro have bought 11012 contracts, above its 1 year average of 4903 contracts. Combined there has been a net sell of 86640 contracts above its 1 year average of 9401 contracts. For the current expiry, FII and Pro combined are net sellers of 26681 contracts.
International Market Morning Update:
International markets witnessed profit booking as Fed speakers gave importance to November meeting for a possible interest rate hike. S&P Futures fell by 26 points from a high of 2166 to a low of 2140 made today morning. This signals S&P Futures is in a range and the broad range is 2110-2192 and is currently trading in 2130-2170 band. The US presidential elections and Fed flip flop is adding uncertainty to market.
German Dax also corrected yesterday falling over 150 points and Japan Nikkei is down in today’s trading.
List of Top Gainers and Losers on 29th Sep 2016
Stocks Near Support
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2. Past performance is not an indicator of future returns.