Transcription
And with us is the Managing Editor of Business, Anil Singh. Anil Sir, good morning. After five days of decline, should we expect a big gap-up opening today?
Look, we should expect it, and why shouldn't we? Because firstly, the markets are already oversold, and we have entered the week of monthly expiry. Secondly, and most importantly, crude oil, which is a big problem for Indian markets, is seeing a significant decline. In next month's futures, that is a good positive sign. For three days, America and Iran have stopped attacking each other. That is a good sign. Somewhere, it seems that the escalation is reducing a bit, and because of that, crude oil might come down and provide some support to the markets.
Another point is that if you look at the internals, the markets are quite light in terms of the put-call ratio. Before going into expiry, long positions have already reduced. Shorts have built up considerably. Number two, if you look, the selling figure from FIIs is coming, but it is very small. Comparatively, when crude was around $60, the situation was different, and FIIs used to sell a lot. Nowadays, the selling is quite less. Domestic funds have made the biggest purchase of this month, plus 5000 crore. So, the purchase figure after June 30th is the largest. This means that somewhere the market is assuming that a recovery is bound to happen. Asia is a bit sluggish, a bit surprised. Asia is not in a cheerful mood today. But overall, considering the Dow futures and the situation of crude, and the signs of war stopping, a recovery is certainly due. In this recovery, Nifty might try to move towards 24,000. There is nothing big about that.
Yes, absolutely. Now, Sir, in such a situation, what will be the important levels for Nifty and Nifty Bank today?
Look, in terms of Nifty and Nifty Bank levels, 23,600 to 23,700 will act as strong support for you. Nifty might try to test the range of 23,950 to 2450 on the upside. As far as Bank Nifty is concerned, you will see strong support at 5650 to 56300, which were Friday's lows. It's a bit far, but that is good support. On the upside, it will test the range of 56925 to 57150 once, and upon moving above this, you can expect further strengthening. So, I think it should be a good session.
And yes, one more thing, Swati, I forgot to tell you when you were asking in the first question. All the results that came out over the weekend, not a single result has been disappointing, whereas there are at least 10-12 results from futures and options companies. More or less, all the company results have either met expectations or exceeded expectations. So, you will also get support from the results today, and in that regard, if you look, good action towards a rally can be seen in mid-cap stocks today.
Yes, yes, thank you very much, Sir, for speaking with us. We will meet you again in a little while.