SGX Nifty hints at negative start for Sensex, Nifty; five things to know before opening bell

Nifty futures were seen trading 47.50 points down at 13,435.50 in early deals on Singaporean Exchange. Market participants may react to the news that said India is likely to approve Oxford/AstraZeneca’s coronavirus vaccine for emergency use by next week after its local manufacturer submitted additional data sought by authorities, Reuters cited two sources as saying. Besides, newsflow related to new COVID strain will be closely watched. “Volatility is expected to stay high in the near-term due to strict lockdown impacting economic recovery. However, the market is expected to remain bullish in the medium to long term, backed by overall progress in economic activity in 2021,” said Vinod Nair, Head of Research, Geojit Financial Services.

Also read: Stocks in focus: Wipro, Antony Waste, Ruchi Soya, Majesco, Adani Logistics, Reliance Capital

Bulk deals: Atul Limited bought 2.14 lakh shares of Majesco at Rs 981.58 per share on Tuesday, according to the NSE bulk deals data. On the other hand, Adani Logistics: Adani Logistics offloaded 9.15 lakh shares of Snowman Logistics at Rs 51.04 per share through a bulk deal on Tuesday.

FII and DII data: On Tuesday, foreign institutional investors (FIIs) again turned buyers and lapped up shares worth Rs 1,153 crore, while domestic institutional investors (DIIs) offloaded shares worth Rs 661.51 crore on a net basis in the Indian equity market, according to the provisional data available on the NSE.

Technical view: “The Nifty 50 index has created a Bullish Harami pattern on the daily chart, indicating a continuation of the bullish trend. However, for the positive momentum to continue we need the Nifty 50 index to be above the 13550 levels. Meanwhile, if the market breaks the 13100 levels, we may see another decline to 12900/12800 levels. On Wednesday, the Nifty would be hit hard at 13550 and 13650 levels,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.

Call, Put option data: For the December series maximum Call Open Interest (OI) is placed at 14,000 strike with 24.95 lakh contracts. This is followed by 20.83 lakh contracts at 13,000 strike. Put OI is the most at 13,000 strike with 44.92 lakh contracts.

Global watch: Asian stock markets were trading in the green on Wednesday with Japan’s Nikkei 225 up 0.13 per cent, and Hong Kong’s Hang Seng index up 0.14 per cent. In overnight trade on Wall Street, the Dow Jones Industrial Average fell 0.67 per cent, the S&P 500 lost 0.21 per cent, while the Nasdaq Composite added 0.51 per cent.