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With traders staying short, Nifty 6000 is on the cards
The premium of Nifty futures to spot increased to 29 points on Friday.
Updated : Mar 30, 2018, 03:29 AM IST
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The bull-run continues unabated. The Nifty has risen by more than 7% so far in September, which is the biggest monthly gain in the index since January 2010. The run-up has been sustained on the back of large-scale inflows from foreign institutional investors.
The markets are not showing any signs of weakness and have strong support at 5780. Though the Nifty may face some resistance at 5943, it seems headed towards 6000 levels.
The implied volatilities continue to rise, and touched a high of 17% during the week. This indicates there would continue to be volatility next week.
The premium of Nifty futures to spot has increased to 29 points on Friday, indicating traders are yet short in the market.
The open interest in the September series is the highest on the calls side at 5700 calls whereas the put continues to remain the highest at 5400 puts. So, the markets may not go below 5400 in September.
The put-call ratio (PCR) has gone up from 1.46 to 1.76 last week, indicating that traders are securing
their downside.
The US markets have closed marginally in positive. The VIX index (fear index) closed at 22.01, a little higher than last week.
Last week, the mid-cap index was up 1%, the bank index 6%, oil and gas index 5.5%, information technology index 3.2% and Realty Index
rose by 4.5%. The big index gainers were DLF (9%), Reliance Industries Ltd (6.7%), TCS (5%), Suzlon (6%) and Unitech (7%). The banking sector gainers were Punjab National Bank (5%) Kotak Bank and Axis Bank (10% each).
STOCK IDEAS
Aurobindo Pharma: Buy above `1,064 with a target of Rs1,145 and a stop loss at Rs1,035; Everest Kanto Cylinder: Buy above Rs118 with a target of Rs132 and a stop loss at Rs110, Cipla: Buy above Rs305 with a target of Rs336 and a stop loss at Rs295, Jindal Saw Holding: Buy above Rs1,790 with a target of Rs1,920 with a stop loss at Rs1,740, Reliance Communication: Buy above Rs162 with a target of Rs180 and a stop loss at Rs155.
Disclosure: We hold positions on behalf of our clients in the Nifty Khanna is AVP-structured products at Mangal Keshav
