By Sameet Chavan
The positive global developments led to a firm start in our equity market, and gradually the benchmark index kept surging upward on the expiry session. The broad-based buying has uplifted the overall market sentiments, which certainly portrays the urge of the bulls of D-Street while favorable conditions. The Nifty 50 index finally concluded Thursday at a 52-week high with gains of 1.19 percent, a tad below the 18500 level.
FIIs were net buyers in the cash market segment to the tune of Rs 1,232 crores. Simultaneously, in Index futures, they bought worth Rs 3,226 crores with meaningful decline in open interest, indicating addition of mixed bets with majority on the long side. Rollover in Nifty and Bank Nifty stood at 82% and 88% respectively, During the series, we observed decent longs especially in the banking index and looking at the rollover figures it seems majority of them are still intact in the system. Meanwhile, stronger hands to rolled over bullish bets to December series, their ‘Long Short Ratio’ now stands at 77%.
There have been contributions across the board, wherein the significant benefactors that boosted the bullish sentiments were from the Technology and BFSI space. Also, the broader end of the spectrum did exceptionally well, which we believe to continue in the coming sessions. Ideally, we expect the index to keep up its momentum and any sort of blip to be considered as a buying opportunity for the coming sessions.
(Sameet Chavan is the Chief Analyst-Technical and Derivatives at Angel Broking. Views expressed are the author’s own.FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)