12th Oct' 2020 (EVening)
12th Oct' 2020 (Evening) Markets opened strong but quickly started seeing profit booking. Some support coming in at lower levels and later part of the day gave a reasonable closing. FII were buyers in cash market and took bearish positions in the index futures and options. I guess the shorting happened in the morning and cash buying came in the later part of the day. We may see a neutral opening tomorrow. HDFC Bank saw some profit booking and became the reason for correction in Bank Nifty. ITC and Infosys provided support to Nifty. Nifty is now in a overbought zone and unless supported by heavy weights Reliance and HDFC may find difficult to move up further. Bank Nifty is at a critical level of its 200 DMA and has to break this resistance to move further. So some interesting time ahead. 1. FII were net buyers for 615 Cr today, while DII were sellers for 1028 Cr. A net selling of -413 Cr from the institutional side. 2. FII's unwound 5895 longs and created 3627 shorts on the ...