SGX Nifty Indicates A Positive Opening For Indian Markets

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SGX Nifty is at 11697 levels, up 41 points. For today, we expect a strong opening as oversold stocks could see a bounce with second-half consolidation. Banks could lead the way with very promising results from mid-cap banks.

Nifty saw a volatile day with global cues seeing a gap down opening, which saw initial buying support. However, extremely weak European cues saw Nifty give way in the last hour to close near the day's lows. IT stocks were the only gainers while metals, media & realty were worst hit as selling pressure saw huge corrections.

Global Market: Asian markets opened in the green after seeing their worst drubbing this year. The Chinese index was down nearly 6%, while the Hang Seng fell nearly 5%, with most indices seeing deep cuts. For today, expect consolidation with value buying emerging in select markets. The broader market outperforming could be the key as the Russel 2000 index in the US is on the verge of a big break out.

US Market: US indices see a sharp pullback as Dow Jones closes down 67 points after being lower by 417 points in intraday trade. Russel 2000 closes in the green as the broader market is on verge of a huge breakout. Oil recovers early losses to close with minor gains as supply concerns see dips being bought.

FII/DII Data: In yesterday’s trading session, FIIs sold 949cr worth of stock in cash, whereas DIIs bought 90cr worth of stock. In the derivative market, FIIs sold 913cr of Index futures and bought 1305cr worth of Index options. In the Stock futures segment, FIIs sold 564cr worth of stock futures and bought 33cr stock options.

FII View: In Index future segment, FIIs index future long/short ratio stands at 2.1x vs 3x level at the start of the May series. The ratio is on a downward spree as they create more short positions in comparison to the long positions. On the Index option’s front, they continued to create long vega positions, expecting a rise in volatility going forward.

FII	OI(000's)	% Chg	% Chg Since Expiry	Long/Short Ratio	Long/Short Since Expiry
Future Index Long	185	0	1	2.1	0.7
Future Index Short	86	14	45
Option Index Call Long	206	5	37	2.4	1.0
Option Index Call Short	86	5	37
Option Index Put Long	290	5	24	2.1	0.9
Option Index Put Short	136	1	33