Resistance for Nifty at 4,940-4970: An analysis

The markets closed higher on Monday. The Nifty shut shop just below the 4,900 mark. Technical experts expect the resistance for the Nifty at 4,940-4970. FIIs were net buyers to the tune of Rs 477 crore while DIIs net sellers of Rs 287 crore in cash markets on November 09, as per provisional data.

By Anichya Shah, Research Analyst at CNBC-TV18

US markets rally

The US markets rallied 2% each. The Dow Jones ended at new 2009 high after G-20 pledge. US Dollar fell to a 15-month low. Crude jumped above $79/bbl a barrel and Gold hit a new record above $1,110/ounce on Monday.

Indian markets

The markets closed higher on Monday. The Nifty shut shop just below the 4,900 mark.

FIIs were net buyers to the tune of Rs 477 crore while DIIs net sellers of Rs 287 crore in cash markets on November 09, as per provisional data.

The market picture

Resistance is seen at 4,940-4970 on the Nifty.

Sectors in focus

Banking and commodity stocks were in focus yesterday. The BSE Bankex surged 4.8%.

NSE F&O cues

FIIs net bought Rs 627 crore in Nifty Options and net bought Rs 234 crore in Stock Futures. The Nifty November Futures ended with 5 points premium versus 6 points discount.

Nifty Futures' OI (open interest) was up 4%. Nifty OI PCR (put-call ratio) was up from 1.26 to 1.42. Nifty 4800 Put added 18.7 lakh shares in OI; Nifty 4900 Put added 13.8 lakh shares in OI and Nifty 4700 Put added 10 lakh shrs in OI.

Nifty implied volatility stood at 26-30%. Tech Mahindra Futures' OI was up 109% and LIC Housing Finance Futures' OI up 75.1%.

SAIL Futures' OI was down 16.8% and Hindustan Zinc Futures' OI down 11%. Stock Futures added 2 crore shares in Open Interest.