On the charts Nifty’s trend may continue to be range bound with a positive bias with support at 13,450.
The Nifty Midcap 100 index gained 1.9% this week, thanks to the overall buoyancy in global markets because of the development of the Covid-19 vaccine and strong capital flows.
Sensex and Nifty once again soared to fresh highs on Monday following positive global cues. S&P BSE Sensex now sits at 46,253 while the 50-stock NSE Nifty is at 13,558. Broader markets continued their strong movement, outperforming the benchmark indices on Monday. India VIX or the volatility gauge gained over 3% during yesterday’s session. On Tuesday morning global cues were largely negative. Stock markets in the United Stated closed in the red on Monday with Dow Jones and S&P 500 slipping while NASDAQ ended with gains. Asian peers were trading with losses during the early hours of trade.
Global cues: Equity indices on Wall Street closed in the red on Monday as Dow Jones slipping 0.62% while S&P 500 ended 0.44% lower. NASDAQ, however, ended with gains. Asian peers were trading with losses during the early hours of trade. Shanghai Composite was down and so was Hang Seng. Nikkei 225, TOPIX, and KOSPI were also trading in red while KOSDAQ was flat. SGX Nifty too was trading lower.
FII and DII activity: Foreign Institutional Investors (FII) were net buyers of Rs 2,264 crore worth of domestic securities on Monday. Domestic Institutional Investors (DII) on the other hand were again net sellers of stock worth Rs 1,721 crore.
Deals: On listing day Burger King shares surged a massive 130% and were involved in a number of deals as well. Vijit Asset Management Private Limited bought and sold shares of Burger King in bulk deals, as did Swapnil Mehta, Ashwin Stock and Investment Private Limited, SMC Real Estate Advisors. Basant Maheswari Wealth Advisors and Valiant Mauritius Partners Offshore were buyers of the stocks.
Support and Resistance levels: On the charts Nifty’s trend may continue to be range bound with a positive bias, according to Nagaraj Shetti, Technical & Derivatives Analyst, HDFC Securities. “The near term upside target to be watched at 13900 and there is a possibility of one day dip in the market, before reaching an upside trajectory. Immediate support is placed at 13450,” he said.
Call and Put option data: For the December series, maximum Call Open Interest (OI) is placed at 13,000 strike with 23.80 lakh contracts. This is followed by 21.92 lakh contracts at 13,500 strike. Put OI is the most at 13,000 strike with 39.47 lakh contracts, followed by 13,200 strike with 28.17 lakh contracts.