10 things you must know before Indian stock market opens on Friday
1. US markets are down on US China trade war tension. Dow Jones and S&P 500 are down by 0.58 and 0.21 percent respectively.
2. SGX nifty is down by more than 100 points indiacating a gap down opening for our markets.
3. Nifty has consolidated for the month of May. It has hardly moved 100 points from the start to end of expiry. It closed at 9490 up by 1.75 percent and bank nifty closed at 19169 up by 2.45 percent.
4. India VIX has fallen by more than 50 percent for the may expiry. Yesterday it closed at 30.
5. FIIs and DII have bought for 2354 and 145 respectively in cash market.
6. FIIs have covered their shorts and they are net long by 31k contracts in futures. Index options they hold 70k long puts contracts and 46k long call contracts.
7. Weekly expiry highest open interest on call – 9500(resistance) and put – 9000(support). There is both call and put addition in weekly indicating a narrow range.
8. Monthly highest open interest on call – 10k and put – 9k. Indicating a wide trading range for the month. As said yesterday, markets faced resistance at 9500 levels. Same holds good for even today.
9. No earinings from Nifty 50 stocks today.
10. View based on FII options data – Short covering is helping the markets to go up for the past few days. We should see if this changes to long build up in futures. FII have turned net buyers in cash market. Considering the global cues and resistance at 9500 levels I would be neutral to bearish for the day.
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