Nifty Eyes 8650, Markets await GST
Indian Market Outlook:
Nifty continued to trade in a range of 80 points on Friday after making a high of 8605 in the morning there was a correction of 80 points and Nifty made a low of 8525 suggesting some profit booking has come for the first time since the past five trading session. Today is a commencement of monsoon session of parliament and all eyes will be glued to Rajya Sabha on the tabling of the GST bill. Reliance result which came in after market hour beat market expectation.
The top 5 gainers for Friday were Tata steel, Bharti airtel, Idea, HDFC and HDFC Bank.
SGX Nifty, at 8:30 am IST, is opening 27 points gap up at 8581.
On 15th of July, FII & Pro have bought 795075 shares combined which is above the average of 705075.
The total for the July expiry from the 1st July to 15th July is 3486750 shares, which indicates that big players are building long positions in market.
On 15th of July, FII & Pro have sold 2843625 shares combined, below average of 2920650, which is the third day of selling.
The total for the July expiry from the 1st July to 15th July is 4812450 which indicates that a Buy position has been created for the clearing.
FII & DII Cash Buy/Sell Activity
Last trading day, FII have bought shares worth Rs. 1461 Cr and DII have sold shares worth Rs. 1034 Cr. Combined, net buying worth Rs. 427 cr was seen.
Since 1st July 2016, FII have bought Rs.4181 crores worth shares where as DII have sold shares worth Rs.2890 crores in the cash segment.
FII and DII combined have a net buy worth Rs. 1291 Cr since 1st July 2016.
The combine FII and Pro have seen a continued increase in long position in Index future and a decline of short position in index options. In the cash segment FII and DII combined are net buyers of Rs. 1291 Cr since 1st July 2016. This suggests bullish bets continue to be added in the markets. Moreover, Nifty Future has given a breakout above 8560. Next target for Nifty is 8648 as per Dynamic Levels.
International Market Outlook: First bout of profit booking was seen in the US market as we saw correction from the recent high of 2169 to a low of 2143 which was a correction of 25 points. However the uptrend is intact and the rally is expected to continue, as it is maintaining above its all time high of 2134. Other global market have also shown some profit booking after the strong rally and today morning Asian market are mixed with Nikkei being closed for a holiday.
Stocks to watch out for Monday, 18th July, 2016
DISCLAIMER
Research Team — Tel: 033–30010001, write to us at clientsupport@dynamiclevels.com to give feedback. Website: www.dynamiclevels.com
1. The investment advice or guidance provided by way of recommendations, reports or other ways are solely the personal views of the research team. Users are advised to use the data for the purpose of information and rely on their own judgment while making investment decision
2. Past performance is not an indicator of future returns.
Originally published at www.dynamiclevels.com.
