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Market Outlook

FII INVESTMENT 28- JAN  2016

27th January 2016 – FII Activity details mentioned below. In the cash market today, FII’s sold 366 crores stock whereas DII’s bought 499 crores worth of stock. In the derivative market, FII’s sold 619 crore of Index futures and bought 1051 crores worth of Index options. In the Stock futures segment, FII’s bought 852 crores worth of stock futures and sold 36 crores of stock options. In today’s session, FII’s have increased their exposure in Index long futures (by 11 %) and their positions in Index shorts is increased by 17 %. In options, FII’s have increased positions in Index Call (long) by 6 % and positions in Index Put (long) is decreased by 2%.

Today was a day of consolidation in the market. Global markets were stable but opening in Asia and India was subdued. Currency depreciation continued and even USDINR took a hit. At the time of writing, USDINR was trading at 68 level. It remains 80 paise away from all time high. Technically, price this close to all time high does retest if not cross the level. Therefore, price above 68 should not come as a surprise. Global sentiment is also such that further consolidation and correction is very much likely. Budget session of parliament is all set to begin next month and given how politics is shaping up, it seems very unlikely that anything meaningful will be accomplished during the session. Price continues to trend lower whereas data flow has just not improved. Selling in cash segment is continuing whereas DII buying is unable to provide meaningful support. Resistance level for Bank Nifty is 16340 (spot). Resistance level for Nifty is 7680 (spot). 

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