Nifty & Banknifty OI Data for 7th October 2020

Propelled by HDFC Nifty rose 159 points to surge past 11650 and close at 11662.40. HDFC”s share rose 7.56% to close at 1920. Tata Motors was the top gainer of the day while metals were under pressure.
Levels of 11700 to be the next hurdle for Nifty which holds an OI of 24,30,000 shares. If Nifty sustains above 11700 decisively we may once again see a short-covering which will power the Index towards 11750 and then 11800 which holds the highest OI of 30,66,150.
Support for Nifty will be at 11600 which holds an OI of 27,36,900 and 11500 which holds the highest OI of 32,84,100.

Bank Nifty also continued it outperformance the index rose 482 points to close Tuesday’s session at 22853
Levels of 23000 will be a crucial resistance as it holds an OI of 9,34,425 which also the highest OI at any strike any decisive move above this level will see Bank Nifty going towards levels of 23500. 22500 is a major support for the Banking Index.
Foreign institutional investors net bought shares worth Rs 1,101.76 crore, whereas domestic institutional investors net sold shares worth Rs 934.84 crore in the Indian equity market in October.
Tata Consultancy Services, Majesco, MIC Electronics, Unity Infraprojects, and Zee Learn will announce their quarterly earnings on October 7.


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