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SGX Nifty is at 11053, down 45 points. For today, we expect the same as, mid caps consolidate & foreign flows continue to see strength in the rupee and large caps. The Nifty is now set to outperform the global weakness as we catch up on the flows and rupee strength.
On Thursday, the Nifty saw a range-bound session with the index closing almost flat. Foreign investors continued their buying spree, while local mutual funds booked profits, which saw market succumb to profit booking.
Global Market: Asian markets opened with deep cuts as the Japanese Nikkei traded lower by over 270 points in early trade. Most Asian indices will see profit booking as the Euro weakness will see pressure on trade balances with exporters hurting. For today, we expect currencies, bonds & equities to see rebalancing as markets price in lower European growth.
US Market: US stocks ended lower after ECB cuts global growth outlook and the Euro hits 2017 lows. Bond yields fall sharply globally with the US 10 year yields hitting 2.65% lowest in last 3 years. Globally equities seeing consolidation with US/China trade break through the next trigger for upside.
FII/DII Data: In yesterday’s trading session, FIIs bought 1138cr worth of stock in cash, whereas DIIs sold 925cr worth of stock. In the derivative market, FIIs bought 533cr of Index futures and bought 2073cr worth of Index options. In the Stock futures segment, FIIs sold 378cr worth of stock futures and sold 84cr stock options.
FII View: In the Index future segment, FIIs created 3314 contracts of bullish but the long-short ratio around continued to remain at 1.1x. However, they created 18073 contracts of speculative long positions in index call options and they sold off 15948 contracts of long positions in index puts which they were carrying, since the start of the March series. Overall positioning of FII’s continue to remain on the long side, so Nifty can hold the important support level of 11000.
| FII | OI(000's) | % Chg | % Chg Since Expiry | Long/Short Ratio | Long/Short Since Expiry |
| Future Index Long | 109 | 3 | 16 | 1.1 | 1.0 |
| Future Index Short | 96 | (1) | 17 | ||
| Option Index Call Long | 208 | 10 | (85) | 3.6 | 3.6 |
| Option Index Call Short | 58 | 10 | (96) | ||
| Option Index Put Long | 277 | (5) | (85) | 1.7 | 1.6 |
| Option Index Put Short | 164 | (1) | (91) |
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