Global Markets Overview:
- US Markets: Ended higher, with the Dow Jones closing up by 201 points.
- Dow Futures: Trading higher, gaining 66 points.
- Asian Markets: Trading on a positive note.
- GIFT Nifty: Indicates a positive opening, up by 14 points.
Data Analysis:
- Cash Market:
- FII: Net sell-off of ₹3732 crore.
- DII: Net buying of ₹2278 crore.
- Net: Overall outflow of ₹1454 crore from the market.
- F&O Data:
- Nifty PCR: 0.90 vs 0.84 previously.
- India VIX: Decreased by 1.70%, currently at 12.99.
- Highest Open Interest (17-Oct-24 Expiry):
- 26,000 Call (CE)
- 25,000 Put (PE)
- Max Pain: 25,100 (17-Oct-24 Expiry).
- FII Derivative Data (Change in Contracts):
- Futures Long: -7040
- Futures Short: -7150
- Calls Long: +88,329
- Calls Short: +59,657
- Puts Long: +37,719
- Puts Short: +78,891 Interpretation: FIIs show mixed positions in the F&O market, indicating indecision or caution in strategy.
Technical Outlook:
- Nifty (Spot):
- First signs of strength, closing above the key 25,000 mark.
- Next Resistance Levels: 25,234, 25,333, 25,450.
- Support Levels: 25,050, 24,900, 24,750.
- Bank Nifty (Spot):
- Gaining momentum, closing above both the 50-DMA and 100-DMA.
- Immediate Resistance: 52,350, with potential short covering above this level.
- Support Levels: 51,500, 51,250, 51,000.
Conclusion:
The market is showing signs of recovery, with Nifty crossing the psychological 25,000 mark. Bank Nifty also indicates positive momentum, trading above key moving averages. Traders should watch for resistance levels and any developments in global cues, especially around oil prices and geopolitical factors affecting market sentiment.
