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26th March 2015 – In the cash market today, FII’s sold 521 crores stock whereas DII’s bought 687 crores worth of stock. In the derivative market, FII’s sold 2167 crore of Index futures and bought 2084 crores worth of Index options. In the Stock futures segment, FII’s sold 1468 crores worth of stock futures and bought 51 crores of stock options. Today was a day of massive correction. Nifty and Bank Nifty both opened gap down and continued to move lower. Global cues were not supportive as such. Bank Nifty as a sector had been under performing the Nifty and even today it led the entire market down. On the options front, Puts had an upper hand over the past 2-3 days and most of the ITM and ATM put options did very well today. Since it was expiry session, lot of short rollovers were spotted today. Long rollover was very limited though. Till yesterday, there was no significant buying in OTM puts but today as session was coming towards an end, lot of OTM put buying was happening (April series). Its hard to imagine market rallying unless this buying in OTM puts is countered by some swift buying. Till now this has been a familiar story where responsive buying is very limited and as a result of which price continues to drift lower.
We continue to remain out of the market. We will wait for decisive breakout before we attempt to build positions in the direction of the trend. Reference level for Bank Nifty has come down further to 18400 – 18700 whereas for Nifty spot it has come down to 8555.
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by Ebrahim Mafooz
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