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10th April 2015 – In the cash market today, FII’s bought 362 crores stock whereas DII’s sold 135 crores worth of stock. In the derivative market, FII’s sold 214 crore of Index futures and bought 632 crores worth of Index options. In the Stock futures segment, FII’s sold 358 crores worth of stock futures and bought 109 crores of stock options. Today was a day of consolidation in the market. Nifty and Bank Nifty both consolidated after yesterday’s move. It would have been better if Bank Nifty had a follow up move today before consolidation. Monday’s session should be keenly watched now. From short term view, Metals, Auto, Infra along with midcap and select high beta stocks are doing well. Pharma did well too in the initial part of the series, but since yesterday it is losing its relative strength rating for this series. Bank Nifty when compared to other cyclical sectors is still lagging behind in this series. Bank Nifty is lagging in the short term as well as medium term. Posting one of the sector ranking charts ( ‘1’ is best performing sector whereas ‘7’ is worst performing sector) from the premium section here for reference. As of now there is nothing to worry about as yesterday’s move in Bank Nifty has to be trusted. But we’d like Bank Nifty to make a move once again in the next 1-2 sessions without correcting much on Monday. That would confirm the trend.
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by Ebrahim Mafooz
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