Stock Cash Tips- Nifty outlook & Open Interest in Index Option
FIIs & PRO Are Continuously Building Short Positions. This May Take Markets To 10342 Levels
In the last 4 trading sessions, FII & PRO have sold around 282000 contracts in Index options. Nifty has already fallen 336 points from its high of 10985 to 10649. We expect Nifty to fall further as there is a huge divergence between the global market and Indian markets as written in our previous articles. Nifty might come to its monthly low of 10342.
It has been researched that between 2007 and 2008 the same divergence took place between Indian and Global markets by 25% on Oct 2007 this got normalized on 22 Jan 2008.
Nifty is in positive by 1.2% in YTD, whereas S&P is down by 9.6% YTD, therefore there is a correlation gap of 10.8% between Nifty and S&P which is a danger signal for our markets. However, if S&P rallies to 2700, we can expect relief in our markets.
The US 10 Year T-Note is trading at 121.57. The Bond has broken its important low of 120.03 on 2nd Oct 2018. The US Dollar Index is trading at 96.037.
NIFTY OUTLOOK & OPEN INTEREST IN INDEX OPTION-
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The investment advice or guidance provided by way of recommendations, reports or other ways are solely the personal views of the research team. Users are advised to use the data for the purpose of information and rely on their own judgment while making an investment decision.
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