Domestic equity markets continued to march higher on Thursday, with benchmark indices now just shy of all-time highs. S&P BSE Sensex ended yesterday at 51,115 while the Nifty 50 index closed at 15,337. Nifty is placed at the highest ever closing levels seen by the index. On Friday morning, SGX Nifty was sitting in the positive territory, hinting at another day of positive momentum. Cues from global peers were largely positive on Thursday morning. Wall Street equity indices closed with gains while most Asian peers were seen inching higher during the early hours of trade.
Global watch: On Wall Street, Dow Jones and S&P 500 ended with gains while the NASDAQ slipped to close flat with a negative bias. Among Asian stock markets, Shanghai Composite, Hang Seng, Nikkei 225, TOPIX, KOSDAQ, and KOSPI were all up with gains.
Expiry in perspective: Nifty may series closed 2.97% higher while India VIX fell 14.55%. On the options front, maximum Put OI is at 14,000 followed by 14,500 strike while maximum Call OI is at 16,000 followed by 15,800 strike,” said Chandan Taparia, Derivative & Technical Analyst, Motilal Oswal Financial Services. “Higher rollover compared to last 3-month average, rising Put Call Ratio and Falling volatility indicates that bulls are likely to hold command to take the indices on new lifetime high zones,” he added.
Levels to watch for: The short-term trend for Nifty remains positive with range-bound action, according to Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “The emergence of volatility near the hurdle and the overall chart pattern could hint at a possibility of minor reversal around 15400-15500 levels in the next couple of sessions. On the other side, a decisive move above 15500 is likely to negate this bearish bet. Immediate support is placed at 15250 levels,” Nagaraj Shetti said.
FII and DII trades: Foreign Institutional Investors (FII) turned net sellers on Thursday, pulling out Rs 660 crore from domestic markets. Domestic Institutional Investors (DII) were net buyers, pumping in Rs 112 crore into domestic equities.
Results today: Mahindra & Mahindra, IPCA Laboratories, Max Healthcare Institute, Aditya Birla Fashion and Retail, Glenmark Pharmaceuticals, Central Bank of India, Indian Bank, Sumitomo Chemical, GMM Pfaudler, Hinduja Global Solutions, and Ujjivan Financial Services are some of the firms that will report their quarterly results today.