Domestic headline indices continue to witness a battle between bulls and bears last week with headline indices closing with losses during the week. S&P BSE Sensex settles at 53,760 while the Nifty 50 index closed at 16,049 — both down more than 1% in the last five trading sessions. Entering the fresh week of trade, SGX Nifty was down up with gains, zooming more than 100 points to signal a gap-up start to the day’s trade. Global cues were also positive after Wall Street ended with gains on Friday.
Global watch: On Friday, Dow Jones zoomed 2.15%, followed by S&P 500 and the tech-heavy NASDAQ index. On Monday morning, Asian stock markets were also in the green. Shanghai Composite, Hang Seng, KOSPI, and KOSDAQ were all up in the green.
Levels to watch out for: 15800 is seen to be a crucial level for Nifty by Ruchit Jain, Lead Research, 5paisa.com. “Only a break below 15800 will then lead to a resumption of a downtrend and till then, one should be optimistic from a short-term perspective. The immediate support for Nifty is placed in the range of 15900-15800 while on the higher side, we expect the index to rally towards 16270 followed by 16500 soon,” he said. Meanwhile, Nagaraj Shetti believes 16250 is to be watched on the upside and 15925 on the downside.
FII and DII trades: Foreign Institutional Investors (FII) were net sellers of domestic stocks on Friday. FIIs pulled out Rs 1,649 crore. Meanwhile, Domestic Institutional Investors (DII) were net buyers of stocks, pumping in Rs 1,059 crore.
Call and Put OI: For the July futures & options series, maximum call open interest (OI) is placed at 16000 strike, followed by 17000 strike. Call OI is the most at 15500 and 15000 strike.
