Nifty Takes Support of 8500, Moves Up By 150 Points

Indian Market Outlook:

India’s benchmark Index Nifty, opened gap up and made a high of 8680. A jump of 160 points was witnessedbefore the Index closed at 8675. Banking stocks were the strongest, with Bank Nifty jumping up to 19500 with massive short covering seen in various Call strikes that led to a decrease in open interest. Nifty is hovering around its three day high of 8700. The bulls need to gather momentum in order to move above the 8750 mark. FII’s have built massive long positions in options, reversing their sell trend, which will be confirmed by how they approach market session today. ICICI bank has moved up sharply and has been the top performing stock in the past two trading session, up by 8%, but is coming close to the long term resistance of 278-282.

Nifty Futures is expected to open at 8690 as per SGX Nifty at 8:30 am IST, which is 10 points above its previous close of 8680.

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. 345.04 Cr and DII bought shares worth Rs. 173 Cr. A combined buy of Rs. 518 Cr. For this expiry, FII and DII together are buyers worth Rs. 1438 Cr.

In Index Options, last trading day, FII have bought 58363 contracts, above its 1 year average of 18280 contracts. Pro have bought 78141 contracts, above its 1 year average of 27670 contracts. Combined there has been a net buy of 136504 contracts, above its 1 year average of 39000 contracts. For the current expiry, FII and Pro combined are net sellers of 52772 contracts.

In Index Futures, last trading day, FII have sold 8930 contracts, below its 1 year average of 9706 contracts. Pro have bought 5790 contracts, above its 1 year average of 4903 contracts. Combined there has been a net sell of 3140 contracts below its 1 year average of 9401 contracts. For the current expiry, FII and Pro combined are net sellers of 94186 contracts.

International Market Morning Update:

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International markets had a positive session yesterday with S&P futures near its three day high of 2141 to close at 2133, which is a up close by 8 points .German Dax closed up by 1% and Today Asian markets are mixed in trading. Nikkei is trading flat at yesterday’s close of 16966.

China’s GDP YoY Data came at 7:30am and was as per the market expectations it came at 6.7%.

List of Top Gainers and Losers on 18th October 2016

 

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Dynamic Sector Performance – 18th October 2016

 

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Stocks Near Support

 

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Result Calendar

 

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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.

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