Nifty going strong but watch out for the coming hour!

Nifty was going strong in the last trading session too but huge FII selling spoiled the party for bulls

Market update at 1.15 pm: Nifty is going strong since morning, thanks to Reliance Industries as it is up by 5.62 per cent. The level of 17,400 continues to be good support as the highest open interest addition is seen here whereas, the 17,600 level has added huge open interest in the call side. Nifty is expected to end around the 17,500 as observed from the OI data.  

However, Nifty was going strong in the last trading session too but huge FII selling spoiled the party for bulls as it ended in negative. The bulls must try to keep up the momentum and end November expiry on a good note.  

Market Update at 12:20 PM: Nifty gained over 100 points during Thursday’s session while the index bellwether i.e. Reliance Industries turned out to be the top contributor to the index gains as it contributed as much as 98 points in today’s session.  

The stock has logged its highest single-day gain since May last week. Nonetheless, the stock had already witnessed above-average volume and also, surpassed its prior trading session volume. 

Among the sectoral indices, Nifty Energy emerged as the top gainer, followed by Nifty Pharma. 

Interestingly, the highest open interest (OI) on the call side has shifted higher towards the level of 17,600. Meanwhile, on the put side, the highest open interest stands at the level of 17,400. The level of 17,400 put options witnessed an addition of 58.04 lakh shares in today’s session.  

Market Update at 11:04 AM: Nifty has managed to bounce back from the intraday lows of 17,351.70 and it is currently trading near the day’s high at 17,450 levels. As a result, the index has witnessed a recovery of almost 100 points from the day’s low.   

So, let’s know which stock helped the markets to recover from the day’s low; it’s none other than the crown jewel of the Indian markets i.e. Reliance Industries, which rose over 3 per cent.   

However, going ahead, the level of 17,500 is likely to act as a stiff resistance as the highest open interest on the call side is placed at the 17,500 call option. Besides, fresh addition was also seen in this strike on Thursday.   

Among the stock-specific action, the stock of Jai Corp saw good momentum in the last half an hour or so and also, zoomed over 8 per cent along with good volume. 

The Indian benchmark indices are flat on Thursday. The indices made an attempt to inch higher but all in vain as every rise is being used to offload the position as well as to create fresh short positions.   

Nifty has slipped below the 17,400 mark while Sensex dropped below the 58,200 mark.   

The broader markets are seen underperforming the frontline gauge as Nifty Midcap 100 and Smallcap 100 were down by 0.42 per cent & 0.38 per cent, respectively.   

Among the sectoral indices, Nifty Realty, Nifty IT, and Nifty Pharma were seen trading in the green while on the other hand, Nifty Media and Nifty Metal were the top losers.   

Interestingly, Dow Jones Futures was seen trading in the green, up by 0.32 per cent.   

On Dalal Street, stock-specific action continued with stock such as Lyka Labs, Nazara, Sanwaria, Genesys hitting the upper circuit limit.