MUMBAI: Upbeat global cues along with SGX <http://economictimes.indiatimes.com/Markets/articleshow/4532859.cms#>Nifty trading with a positive bias and Nifty futures widening premium, Indian markets are likely to open higher Friday. However, markets may encounter profit booking on the back of uncertainty over the election outcome and FIIs net selling in index futures and spot market.
Singapore Nifty was currently trading 33.5 points up at 3645 levels from the previous close. It opened at 3625 and in the trade so far touched a high of 3645. Continuing the losing streak Indian stock markets dropped for the second straight day Thursday after the exit polls indicated a fractured verdict for the just-concluded parliamentary election. National Stock<http://economictimes.indiatimes.com/Markets/articleshow/4532859.cms#>Exchange’s 50-share Nifty slipped 1.15 per cent to close the day at 3593.45. However, Nifty May futures on the other hand settled at a premium of 10 points to the spot. The Nifty futures contract price slipped 0.96 per cent while open interest added just 3.85 lakh shares<http://economictimes.indiatimes.com/Markets/articleshow/4532859.cms#>in open interest from 26.6 lakh shares earlier. The higher buy quantity than sell quantity and additions in open interest indicates short covering and moderate build up of long positions by traders. On options front, call writing was observed at 3700, 3900 and 4000 strike while moderate call buying was seen at 3600 indicating Nifty may trade above this level. On the other hand, unwinding of long puts witnessed at 3600 strike and put writing was observed at 3500 strike. The options data indicates 3500 to act as a strong support for Nifty while profit booking may take place around 3650-3675 levels. The options data suggest Nifty has a strong resistance at 3700 while a strong support in the zone of 3500-3600. On Thursday, traders were seen unwinding of long puts at 3600 level when Nifty was trading above this level and also long build up was observed above this level. This may push Nifty to trade above 3600 level. Meanwhile, Asian stocks climbed, paring the MSCI Asia Pacific Index’s first weekly decline in three, after Sony forecast a smaller loss than expected and bank<http://economictimes.indiatimes.com/Markets/articleshow/4532859.cms#>borrowing costs plunged. http://economictimes.indiatimes.com/Markets/articleshow/4532859.cms -- To be a winner, all you need to give is all you have. ekamber --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
