FII Activity 15th September 2014 – In the cash market today, FII’s sold 74 crores stock whereas DII’s sold 74 crores worth of stock. In the derivative market, FII’s sold 1394 crore of Index futures and bought 925 crores worth of Index options. In the Stock futures segment, FII’s sold 531 crores worth of stock futures and sold 73 crores of stock options. Markets opened gap down today. Given how the Economic data shaped up on Friday, this was not surprising. During the course of the day though, WPI numbers were released. WPI numbers came in better than what the street had expected and as a result of which market did trim some of its losses. Major recovery came in the Bank Nifty which recovered close to 0.7% during the day. Recovery in Bank Nifty was not surprising as price action in Bank Nifty has been really positive. But towards the end Bank Nifty slipped again. Still it outperformed Nifty though. Nifty on the other hand is stuck in a range and scope of it moving out of this range in the short term is bleak. Call unwinding is still happening in Nifty and therefore lack of momentum is pretty evident. No put accumulation is visible till now. Bank Nifty is holding up quite well till now. Reference level for the same was at 16140 – 16160. Since Bank Nifty went below this level, we have reduced our long positions in it by 90%. As far as Nifty is concerned, reference level for a long trade remains the same at 8140 – 8160. Avoid long trades till this zone is not breached on spot. We will increase our positions in Bank Nifty if it crosses above 16250 – 16280 in days to come. At the start of September series we had written that we expect this to be a very good series for the market. But clearly our reading of the same on Nifty was not correct. Bank Nifty did what was expected but as of today it has begun losing momentum. This was certainly not expected. Some more consolidation is likely. Trend is firmly up.
Posted on: Mon, 15 Sep 2014 16:17:12 +0000
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