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SGX Nifty is at 11787 levels, 22 points down. For today, we expect short covering as both foreign and local funds were big buyers which tells adventurous shorts drove the markets lower.
On Thursday, Nifty saw a solid start ended in a whimper with large bouts of profit booking in the broader markets and selected high beta stocks seeing huge selling pressure. The fall was accentuated by technical parameters which indicated that the 89th day of rally could be a turning point and selected shorting drive the indices lower. Media, metals, PSU banks, and realty stocks took a beating as fresh shorting saw weakness get sold into.
Global market: Asian markets opened in the green led by the Japanese Nikkei, which regained momentum to trade higher after seeing volatility last week. The undertone remains bullish despite some sections of market participants looking at weak macros going forward. Emerging markets expected to be the key to equity rally as expectations of trade tariff relief in early May to add to momentum.
US Market: the US stocks close Easter weekend on a positive note with 100 points rally on Dow Jones. Oil inches higher as US inventories fall short of estimates & add to risk on trade. Bond yields hit road block at 2.55% & retreat as investors turn cautious given the Federal Reserve turning 'Dovish'.
FII/DII Data: In yesterday’s trading session, FIIs bought 1038cr worth of stock in cash, whereas DIIs sold 338cr worth of stock. In the derivative market, FIIs bought 1207cr of Index futures and bought 2117cr worth of Index options. In the Stock futures segment, FIIs sold 17cr worth of stock futures and sold 209cr stock options.
FII View: In Index future segment, FIIs index future long/short ratio stands at 1.8x vs 1.7x, indicating the weight of their position on the long side. On the Index option’s front, FII’s bought index put options to the tune of 33957 contracts to hedge their bullish long index positions ahead of the April expiry.
| FII | OI(000's) | % Chg | % Chg Since Expiry | Long/Short Ratio | Long/Short Since Expiry |
| Future Index Long | 177 | 22 | 11 | 1.8 | 1.1 |
| Future Index Short | 97 | 19 | 1 | ||
| Option Index Call Long | 231 | (2) | (14) | 3.3 | 0.9 |
| Option Index Call Short | 70 | (10) | (5) | ||
| Option Index Put Long | 353 | 11 | (0) | 1.5 | 1.0 |
| Option Index Put Short | 228 | 4 | (4) |
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