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SGX Nifty is trading at 11,479 levels, down 60 points. For today, we expect some consolidation as local flows attempt to stem the tide while oversold conditions see second half bounce back.
Nifty saw a volatile day with early gains giving way to profit booking as foreign investors sold in anticipation of weak global cues & uncertainty before the election results due on May 23. The double whammy saw Nifty break recent lows with fear & uncertainty seeing mid caps bear the brunt of a rather ugly sell-off.
Global market: Asian markets opened weak after the huge fall in US stocks as the smart 2019-rally gets a rude awakening shock. The superb rally from the start of 2019 for equities globally saw a huge roadblock as President Trump again tweeted resumption of higher tariffs on Chinese products. Flight to safety could see bonds gain, while commodities could see weakness with oil seeing further fall.
US Market: US indices see sharp fall as a resumption of higher tariffs on Chinese products could hurt US exporters with fear of earnings downgrade. Dow Jones falls over 650 points before closing down 465, while Nasdaq also falls 2%. Bond yields fall to 2.45% as money chases fixed income with oil trading below $70.
FII/DII Data: In yesterday’s trading session, FIIs sold 645cr worth of stock in cash, whereas DIIs bought 819cr worth of stock. In the derivative market, FIIs sold 464cr of Index futures and sold 10cr worth of Index options. In the Stock futures segment, FIIs bought 23 crores worth of stock futures and bought 64 crores stock options.
FII View: In Index future segment, FIIs index future long/short ratio remained at 2.1x with no major activity seen. However, On the Index option’s front, 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 | 181 | (2) | (1) | 2.1 | 0.7 |
| Future Index Short | 87 | 1 | 46 | ||
| Option Index Call Long | 206 | 0 | 38 | 2.0 | 0.8 |
| Option Index Call Short | 104 | 20 | 65 | ||
| Option Index Put Long | 306 | 6 | 31 | 2.2 | 1.0 |
| Option Index Put Short | 137 | 1 | 34 |
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