The market, which Tuesday rallied to and closed at a fresh high on the back of robust foreign fund inflows, is poised to test the psychological 12,000-mark in the current series expiring on April 25, provisional options data indicate. In percent terms, the market is short off this number by just 1.8 per cent from Friday’s record closing high of 11,787.15.
Index options traders sold a huge number of Nifty puts at 11,800, which is almost at-the money. Significant put writing was also witn ..
The call side shows 11,800 to be the first hurdle followed by 12,000.
“The amount of foreign funds flowing in has propped the market, which could aim at newer highs in the short term,” said UR Bhat, director, Dalton Capital Advisors, an FII advisory.
Stocks such as Reliance IndustriesNSE 0.27 % and private banks such as ICICINSE 3.63 % and Axis are expected to be the vanguard of the rally, added Palviya.
On the NSE, FIIs have invested Rs 49,731 crore in equities in the calendar year through April 15. Against this, mutual fund investments have lagged at just Rs 309 crore, according to HDFC Securities.
The bullishness of FIIs is indicated by their being net long index futures – Nifty and Bank Nifty – while domestic participants like rich clients and DIIs were net short.
As on April 15, FIIs were cumulatively net long index futures by 57,299 contracts, data from NSE show. Clients ..
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