Last close 6838.15
Benchmark share indices ended at fresh all-time closing highs, amid aggressive buying in late trades, with capital goods and bank shares leading the gains. FIIs have been stocking up capital goods stocks on expectations that policies of the new government at the centre would help kick-start the investment / capex cycle. Quarterly earnings of bluechips would dictate the trend on stock markets this week which may also see volatility amid expiry of derivatives on Wednesday. While this current market rally is largely on account of brightening prospects of the BJP-led NDA coming to power at the Centre, India’s macro outlook is also improving, thus pointing to an extended stability for the INR. Election-led rally apart, quarterly earnings performance will also play a crucial role in deciding the market movement over the next few weeks. FII investment trend, global cues and movement of rupee against the dollar will continue to influence the markets.
Nifty closed up 38.25 points at 6817.65 while Nifty Future closed at 6838.15, premium of 20.50 points. FIIs bought in Cash, net buy 212.85 Crore while DIIs sold in Cash, net sell 217.66 Crore. FIIs bought in Index Future, Index Option but sold in Stock future, net buy 390.68 Crore..!!!
Yesterday FIIs bought 120322 contracts of Index futures and sold 109241 contracts of Index futures which come to net buy of 11081 contracts worth 378 crores with net open interest increasing by 41500 contracts.
Considering all above facts it seems that FIIs added aggressive long position. Today will be the crucial day to watch out the activity of FIIs.
The market remains in an uptrend and he sees no reason to short now. Those holding long positions should keep a stop loss at 6736 and buy the Nifty on any dip.
Traders put a trailing stop loss on their long trades.
On the lower side as long as 6736 remain intact this rally will going to last, if breaks and close below will show first major sign of weakness.