IGI Logo

Nifty

November Series Sector Outlook

Nifty futures has rolled around 76% vs 78% compared to the last month. The Open Interest for the new contract is lower by around 5 lakh w.r.t to the last month contract. Lesser short rolls into November series lead to this. FIIs Long short ratio is now at 59% : 41% vs 13% : 87% last series. Nifty futures in the last expiry has seen huge short rollovers unlike this time it is higher Long rolls by FIIs. We believe 17200 might be the pivot for this month below which only the trend turns negative. The upside potential is around 18300-18400 in this series.

FIIs have sold around 9500 Cr in cash market for the October month

We expect Nifty to be in 17500-18200 range for the first fortnight of November series. With higher Long positioning in the Index futures we believe the positional view on Nifty would remain in ‘Buy on Dips’ till 17200 is not breached on the downside. The short term support for the Nifty might be near 17500-17550 levels.

Bank Nifty

November Series Sector Outlook

Banknifty futures rolled at around 77% vs 83% compared to the last month.

Banknifty futures have been outperforming Nifty in the October series. For this series, ratio wise (Banknifty/ Nifty) 2.39 is resistance and 2.24 is support. The ratio between Banknifty and Nifty currently at around 2.33.

However the major support for Banknifty would be around 39600 levels. We expect Banknifty to be in 39500-42500 levels for the November series.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.religareonline.com/disclaimer

SEBI Registration number is INZ000174330

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer