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SGX Nifty is at 11100, up 3 points. For today, we expect more index-based buying as mid-caps may see some cool off after the strong rally.
On Wednesday, Nifty saw another positive close with the index very near 11100 as heavyweights see strong foreign investor buying. Midcaps have been the toast of the town in the last fortnight as local funds buy aggressively. Foreign institutional investors have turned very positive on Indian markets and are buying across the board.
Global Market: Asian markets opened weak with the Japanese Nikkei trading lower following weak cues from the US. All eyes on US President Donald Trump as he assures markets about a positive resolution of China trade, which would boost markets going forward. We expect further consolidation as energy stocks see weakness in most Asian markets.
US Market: US stocks ended another day with losses as trade deficit hits 10 years high. Lack of news flow sees profit booking and consolidation as energy stocks drag the index. Oil falls as inventories rise more than expected, while bond yields drift below 2.69% as investors buy fixed income.
FII/DII Data: In yesterday’s trading session, FIIs bought 1131cr worth of stock in cash, whereas DIIs sold 878cr worth of stock. In the derivative market, FIIs bought 377cr of Index futures and bought 289cr worth of Index options. In the Stock futures segment, FIIs bought 161cr worth of stock futures and bought 140cr stock options.
FII View: In the Index future segment, FIIs created almost identical bullish and bearish positions, keeping the long-short ratio around 1.1x. However, they created 18349 contracts of speculative long positions in index call options and 14443 contracts of short positions in index puts, hinting a continuation of the current up move in the benchmark index up to the immediate resistance level of 11200.
| FII | OI(000's) | % Chg | % Chg Since Expiry | Long/Short Ratio | Long/Short Since Expiry |
| Future Index Long | 106 | 1 | 12 | 1.1 | 0.9 |
| Future Index Short | 96 | (3) | 18 | ||
| Option Index Call Long | 190 | 11 | (86) | 3.6 | 3.6 |
| Option Index Call Short | 53 | (2) | (96) | ||
| Option Index Put Long | 293 | 0 | (84) | 1.8 | 1.7 |
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