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In the cash market today, FII’s sold 477 crores stock whereas DII’s bought 101 crores worth of stock. In the derivative market, FII’s bought 227 crore of Index futures and bought 937 crores worth of Index options. In the Stock futures segment, FII’s sold 308 crores worth of stock futures and sold 64 crores of stock options. Today was a day of consolidation again. Premium erosion is precisely what is happening in Calls and Puts and market is consolidating in a narrow range. For Nifty (spot level), level of 8350 – 8360 is important from short term view. Almost three times we have seen some responsive buying coming in at these levels. Unless this support zone is breached, price will just consolidate in a very narrow range. Even those who expect downsides to come, should only initiate short positions once this level is breached. As of now there are no initiative sellers present in the market. Most of the action is happening between responsive sellers and responsive buyers and this is why price is just rotating within a narrow range. Directional movement will only happen if initiative (positional) buyers and sellers enter the market.
FII Trend Derivatives – Up
FII Trend Cash – Up
Price Trend – Up
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by Ebrahim Mafooz
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