Indices set to open on a flat note; Aluminum stocks could be painted red

Stocks like Hindalco and National Aluminum could remain under selling pressure as the US softened its stand on the Russian giant Rusal.

Apr 24, 2018 07:04 IST India Infoline News Service

BSE and NSE
SGX Nifty is currently trading in the red down 15 point at 10,572.

Indian markets could witness a sideways consolidation after rallying higher in 16 of the past 20 trading session. Stocks like Hindalco and National Aluminum could remain under selling pressure as the US softened its stand on Russia giant Rusal, leading to a surge in Rusal stock price by ~25% and a fall in Chinese aluminum price by ~10%.

Global markets   
                                                                                                             
Major Asian markets are trading mixed, Nikkei is up 0.67%, Hang Seng is down 0.50% while Shanghai Composite is trading 1.42% higher.

US Markets: Stocks witnessed a marginal correction in yesterday’s session. The Dow fell 0.1% to 24,449, the Nasdaq slipped 0.25% to 7,129. Dow Jones posted 4 day’s losing streak, as US Bond yields and the Dollar index continued to soar higher.

European markets ended higher with FTSE closing 0.41% higher, CAC ended up 0.47% while the DAX ended 0.25% higher.
 
FII Data:  
In yesterdays’ trading session, FII’s sold 259 crores stock in the cash market whereas DII’s bought 387 crores worth of stock.

In the derivative market, FII’s bought 177 crores of Index futures and bought 79 crores worth of Index options.

In the Stock futures segment, FII’s sold 131 crores worth of stock futures and sold 163 crores stock options.

FII View:
FII trading activity in yesterday's session suggests they continued to build up long positions in index future with downside protection by going long on put options too.

FII

OI(000's)

% Chg

% Chg Since Expiry

Long/Short Ratio

Long/Short Since Expiry

Future Index Long

102

3

223

0.7

3.0

Future Index Short

154

1

8

Option Index Call Long

237

(2)

64

2.5

1.6

Option Index Call Short

94

7

3

Option Index Put Long

412

3

42

2.2

0.7

Option Index Put Short

187

4

85

Support / Resistance: Intraday
Nifty: 10565

S1 – 10480

S2-10450

R1- 10630

R2 -10650

Support / Resistance: Intraday
Bank Nifty: 25126

S1 – 24800

S2-24700

R1 - 25050

R2 -25200



Nifty Highest Open Interest:
Call: 10700 / Put: 10500
Bank Nifty Highest Open interest: (26th April 2018 Expiry)
Call: 25500 / Put: 24000
Securities in Ban Period: BALRAMCHIN, DHFL, JETAIRWAYS, JPASSOCIAT, TV18BRDCST.

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