Nifty ends higher led by software shares - AXIS Direct

Nifty ended marginally higher in the truncated trading week led by software shares and rebound in shares of private banks after the sharp correction last week. Market commenced the week on a strong footing after debt-ridden Cyprus clinched a bailout deal. But, it soon reversed gears on Possibility of political uncertainty triggered concerns about the fate of economic reforms.

Nifty finally closed at 5683 with 14 points gain on weekly basis. Nifty futures closed with 31.7 points premium compared to 17 points premium of previous week. Nifty futures witnessed increase in price by 0.25% with 33.44% decrease in open interest along with 76.53% increase in volumes.

FII's were net sellers in Index futures to the tune of 328 Cr and were net sellers in Index options to the tune of 1225 Cr. FII's net sellers in derivatives to the tune of 779 Cr and derivative segment saw 37.5% decrease in turnover in terms of rupees as compared to previous week.

Nifty witnessed decrease in open interest with mild increase in price along with relatively higher volumes on weekly basis indicating covering of short positions. Markets are expected to trade range bound with neutral bias. Nifty may find support around 5610 followed by 5550 levles while 5740 followed by 5800.

Source : Equity Bulls

Keywords