Nifty & Banknifty OI for 8th October 2020
Bulls further tightened their grip on the Indian equity markets as Nifty rose 76 points to close at 11738 Titan was the top gainer of the day while Bajaj Finance was the top loser. Reliance Industries was a major factor in the rise of the index as the share gained 2.22% to close at 2259 up 49 rupees.
Levels of 11800 to be the next hurdle for Nifty which holds the highest OI of 36,65,100 shares. If Nifty sustains above 11800 decisively we may see levels of 11850.
Support for Nifty will be at 11700 which holds an OI of 27,61,200and 11600 which holds ant OI of 32,02,500. Bank Nifty also continued it outperform as the index rose 111 points to close Wednesday’s session at 22964 Levels of 23000 will be a crucial resistance as it holds an OI of 11,68,175 which also the highest OI, any decisive move above this level will see Bank Nifty going towards levels of 23200 and 23500.
22500 is a major support for the Banking Index with the highest OI of 9,36,025
Foreign institutional investors net bought shares worth Rs 1,093.81 crore, whereas domestic institutional investors sold shares worth Rs 1,129.49 crore in the Indian equity market on October 7,
5paisa Capital, Prabhat Dairy, Titagarh Wagons, GM Breweries, and Shree Ganesh Remedies will announce theirQ2 results on October 8.
With TCS announcing strong Q2 results and a buyback of 16000 crores at a price of 3000 per share, the stock may hit levels of 3000 in the very short term.
Wipro will also be in the limelight as the board is considering a share buyback on 13th October.