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SGX Nifty is at 11079, down 26 points. For today, we expect the Reserve Bank's monetary policy to decide the trend as the consensus seems to be no change for today.
On Wednesday, Nifty witnessed a good session with the index closing above 11000 after September 21, 2018, and the breadth of the market also saw improvement. Indian indices were underperforming the global indices, which had the best start in over 25 years to the New year. However, strong foreign and local buying saw index cross the proverbial 11000 and the Sensex hit 37000 as sentiment turned positive.
Global market: Asian indices opened in the red led by the Japanese Nikkei as routine profit booking in the US saw follow through in Asian markets. Oil prices rise as the US demand sees strength as global growth and US spending see an uptick. For today, we expect range-bound trade in most Asian markets as low volumes hit holiday restricted week.
US Market: US stocks see marginal profit booking after a relentless rally from December 24, 2018, as Dow Jones climbs 16%. Technology stocks lead the rally after sharp correction with Nasdaq at the cusp of breaking into a fresh bull market as it recovers 20% from lows of December 24.
FII/DII Data: In yesterday’s trading session, FIIs bought 694cr stock in the cash market, whereas DIIs bought 525cr worth of stock. In the derivative market, FIIs bought 2817cr of Index futures and bought 262cr worth of Index options. In the Stock futures segment, FIIs bought 865cr worth of stock futures and bought 82cr stock options.
FII View: FIIs created bullish positions in the derivative segment, which is deduced by the fact that they created 32950 net long contracts in Index Futures, while simultaneously creating 7809 net long contracts in Index Call options. The long-short ratio in Index Futures currently stands at 1.5x vs 1.3x which is a bullish sign.
| FII | OI (in000's) | % Chg | % Chg Since Expiry | Long/ Short Ratio | Long/Short Since Expiry |
| Index Long | 176 | 24 | 62 | 1.1 | 1.5 |
| Index Short | 165 | 1 | 5 | ||
| Index Call Long | 214 | 4 | 18 | 2.9 | 0.9 |
| Index Call Short | 75 | (0) | 30 | ||
| Index Put Long | 331 | 2 | 16 | 1.8 | 0.9 |
| Index Put Short | 180 | 5 | 25 |
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