Gift Nifty signals potential surge past 20,000 mark for Nifty

Domestic markets are expected to open on a positive note on Wednesday, thanks to global cues. Nifty futures at Gift City are ruling at 20,150, well above the 20,000 mark, as against Nifty futures’ close of 19,936, as foreign portfolio recently turned buyers.

Vinod Nair, Head of Research at Geojit Financial Services, said: “The gradual return of FIIs in November post the global sell-off during the three months of (Aug to Oct) has a steady positivity in India. 

However, analysts expect the market to remain volatile ahead of the F&O expiry (on Thursday) and exit poll results of five assembly elections.

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“FIIs turning net buyers of local equities in the last few sessions has brought some cheers to the market, even as caution could prevail in next few sessions ahead of monthly F&O expiry and exit poll results of five state elections later this week,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

The US stocks ended in the green overnight, but equities across the Asia-Pacific region are mixed. While Japan, Taiwan, Australia, and Singapore stocks are up marginally, Korean and Chinese markets are down.

Analysts said investors across the globe await fresh triggers. They added that until such time, the rotation of funds will keep the market flat.

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Siddhartha Khemka, Head – of Retail Research, Motilal Oswal Financial Services Ltd, said: Mining stocks will remain in focus as the Government plans to launch its first tranche auction of 20 blocks of critical and strategic minerals on Wednesday. Even Auto stocks are likely to remain in the limelight amid strong volume sales data for OEM in November due to buoyant festive demand. Further, the momentum is expected to continue with record weddings over the next month. Today, we will see the release of US Consumer Confidence data, while on Wednesday, US GDP and China’s manufacturing PMI data could be the key trigger for the market.

Examining the Open Interest (OI) data, the call side reflected the highest OI at the 20,000 level, followed by the 20,100 strike prices, said Mandar Bhojane, Equity Research Analyst at Choice Broking. On the put side, the highest OI was observed at the 19,800 strike price, he added.

The India VIX settled higher at 12.1750, signalling a cautious stance.

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