Major Asian Share markets were mixed. Hang Seng was trading with losses while equities in South Korea were up in the green.
Foreign Institutional Investors remained net buyers of domestic equities, pumping in Rs 1,093 crore into stocks while Domestic Institutional Investors pulled out Rs 1,129 crore. Domestic benchmark indices surged yet again on Wednesday, marking the fifth straight session of gains. Sensex and Nifty, now trading at the highest they have been since February this year, could continue to climb higher finding support on the charts. “Nifty sustained higher after the upside breakout of initial hurdle at 11550 and is now closed to move above the next important swing high of 11795. This could be an indication of the strength of bulls to surpass the hurdles. Hence, the upper hurdle of 11800 could be taken out soon,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
For the October series maximum Call Open Interest (OI) with 19.31 lakh contracts is at 12,00 strike, which is followed by 18.06 lakh contracts on 12,500 strike. The most Put Open Interest for the series is at 11,000 strike with 25.23 lakh contracts, and 11,300 with 18.40 lakh contacts. “Momentum and options data suggests a positive setup and continuation of up-move. Interim corrections should be used to accumulate as the broader setup remains positive,” said Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities.
Support and resistance levels: Analysts believe that immediate resistance for the 50-stock Nifty is placed at 11,800 levels while the support for Nifty is placed at 11,600 mark. If Nifty breaks the 11,800 mark, it could move close to 12,000 levels.
Global cues: Stock markets in the United States ended in the green on Wednesday. Dow Jones was up 1.91%. Chinese stock markets remain closed for the holiday week. Other major Asian Share markets were mixed. Hang Seng was trading with losses while equities in South Korea were up in the green. Nikkei 225 was up over 1% and TOPIX was in the green as well.
FII and DII data: Foreign Institutional Investors (FII) remained net buyers of domestic equities, pumping in Rs 1,093 crore into stocks while Domestic Institutional Investors (DII) pulled out Rs 1,129 crore. FIIs also bought index futures worth Rs 781 crore.
Results season underway: The results season is now underway with IT major TCS announcing its quarterly results which were down 7% on-year basis but better than their previous quarter, hinting at a faster recovery. Today, 5Paisa Capital Ltd., GM Breweries Ltd., Prabhat Dairy, and Titagarh Wagons will announce their results.
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