The previous week Nifty consolidated but there was intraday volatility. Due to bad U.S. Jobs data, the U.S. markets fell and closed in red. Most of the global markets closed in green on Friday.
Last week FIIs were net sellers and DIIs were net buyers. DIIs have bought for more than 1200 crores and FIIs have sold around 1100 crores in the cash market. If the FIIs sell significantly then we must be careful. Currently, FIIs have 63% long positions in Index options.
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Nifty is above 17,350 and SGX nifty is indicating a flat opening. India VIX is very low. It's below 15, so there may not be any big fall.
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In Nifty 17,500 has the highest open interest on the call side and on the put side, 17,000 has the highest open interest in the September month expiry. In the current week expiry, the 17,400; 17,500 calls and 17,300; 17,200 puts are having huge open interests.
In Nifty Bank, 37,000 has the highest open interest on the call side and on the put side, 36,000 has the highest open interest in the September month expiry. In the current week expiry, the highest open interest is at 37,000 on the call side and 36,500; 36,000 on the put side.
Global markets are positive. U.S. markets fell last week. SGX Nifty is currently indicating a flat opening. Currently, the PCR of Nifty is 1.56 (30 Sep expiry).
Finally to conclude,
- This week Nifty may trade between 17,000 and 17,500.
- Must look into FII activity.
You can check the FII long and short data, FII DII net sales, open interest data, Global markets data, on the "Quick Bites" page. Click here and check now.
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