DSIJ Mindshare

Overall volumes in futures & options currently stand at 2.06 crore contracts with a turnover of Rs. 13,14,637.59 crore.

Overall volumes in futures & options currently stand at 2.06 crore contracts with a turnover of Rs. 13,14,637.59 crore.

The most actively traded index in the Indian markets, Bank Nifty opened at 29,028.90 and hit a high of 29,070.35 on Thursday morning. At 9:45 hours, the index was trading at 29,052.05, up by 167.75 points or half-a-per cent.

In the coming session, the level of 11,384 is likely to act as a resistance as it is 78.6 per cent retracement of its August-October decline. On the downside, the Tuesday’s gap area (11,1180-11,227) is likely to lend support to the index. Stocks in news: HCL Technologies, Jet Airways, Deep Industries, Sun Pharmaceuticals, Lupin, Bajaj Consumer Care and GE T&D India.

The Indian markets may see a flat start on Thursday. After the back-to-back centuries by the Nifty on Monday and Tuesday, the index on Wednesday extended its upmove. But the index signaled some signs of exhaustion as the market breadth was not favourable. Hence, we would advise short term traders to let the market take a breather and relieve itself from the overbought zone.