SGX Nifty Indicates Lower Opening For Indian Markets

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SGX Nifty is at 11,378 levels, down 25 points. For today, we expect a pullback as stocks & index are extremely oversold & ripe for a rally.

Nifty saw a volatile day with index closing near the lows as foreign investors continued selling for another day. After buying almost $6bn worth of stocks in the last 2 months, foreign selling could continue as with less than 2 weeks for the election outcome, rumor mongering will see fear accentuate selling.

Global market: Asian markets opened weak after China threatens of retaliation against tariffs which could see rhetoric dominate market sentiment for some more time. Earnings from a majority of Corporates have beaten estimates which indicates growth is back. Expect local institutional intervention by the Chinese Government to support stocks as the index corrects almost 7% from recent highs.

US Market: US indices close flat as stocks consolidate with high volatility seeing both sided movement. Bond yields continue to fall as money exits stocks & chases fixed income. Oil sees weak pullback gets sold into as Saudi Arabia sells directly to Asian countries at renewed prices.

FII/DII Data: In yesterday’s trading session, FIIs sold 702cr worth of stock in cash, whereas DIIs bought 233cr worth of stock. In the derivative market, FIIs sold 1129cr of Index futures and sold 738cr worth of Index options. In the Stock futures segment, FIIs sold 956cr worth of stock futures and sold 120cr stock options.

FII View: In Index future segment, FIIs index future long/short ratio stood at 1.8x vs 2.1x on account of the creation of fresh short positions and unwinding of long positions. However On the Index option’s front, for the second day in a row, they created heavy call writing positions along with put buying positions, indicating a negative momentum in the short-term.

FII	OI(000's)	% Chg	% Chg Since Expiry	Long/Short Ratio	Long/Short Since Expiry
Future Index Long	177	(2)	(4)	1.8	0.6
Future Index Short	96	11	61
Option Index Call Long	215	4	44	1.6	0.7
Option Index Call Short	132	27	110
Option Index Put Long	322	5	38	2.3	1.0
Option Index Put Short	142	4	39