Sensex, Nifty may continue surging higher; 5 things to know before opening bell today

Once again Sensex and Nifty were seen surging higher throughout the day on Monday as the benchmark indices reached fresh all-time highs. S&P BSE Sensex now sits at 47,353 while the 50-stock NSE Nifty index was at 13,873, at the end of Monday’s trading session. All sectoral indices, except Nifty pharma index, closed with gains. On Tuesday morning, SGX Nifty was trading with gains, hinting a gap-up start for domestic equities. Asian peers were largely in the green during the early hours of trade.

Global watch: Equity indices on the Wall Street closed with gains on Monday. Dow Jones was up 0.68% while S&P 500 zoomed 0.87%. Most of the Asian peers were mirroring the up move on Tuesday. Hang Seng, Nikkei 225, TOPIX, KOSDAQ were all trading in the green while Shanghai Composite and KOSPI were trading flat.

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Support and Resistance levels: “The intermediate uptrend too is still intact and we are likely to see new life highs in the coming sessions.  It is important that the supports of 13811-13729 are not broken for the uptrend to sustain,” said Subash Gangadharan, Technical and Derivative Analyst, HDFC Securities. Analysts see Nifty reaching 14,00 levels soon. “For the coming trading session, 13800 followed by 13750 should be treated as immediate supports; whereas, on the higher side, 13950 – 14000 are the levels to watch out for,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking.

FII and DII data: On Monday morning, the holiday season did come in the way of Foreign Institutional Investors (FII) pouring money into domestic securities. FIIs bought domestic stock worth Rs 1,588 crore on Monday while Domestic Institutional Investors pulled money away from markets, this time worth Rs 1,386 crore.

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Deals: On Monday Adani Logistics continued to sell its stake in Snowman Logistics. MACSF Epargne Retraite and Standard Chartered Bank sold shares of 3I Infotech Ltd. Nippon India Mutual Fund bought shares of Fineotex Chemicals. Abakkus Emerign Opportunities Fund bought shares of Rupa & Company.

Call and Put option data: For the December series, maximum Call Open Interest (OI) is placed at 14,000 strike with 47.13 lakh contracts, this is followed by 29 lakh contracts at 13,900 strike. Put OI is the most at 13,000 strike with 56.88 lakh contracts, followed by 13,500 strike with 41.75 lakh contracts.