Nifty opened the day with a negative bias at 5336 and made a intraday low of 5297 amid heavy selling in the banking and infrastructure space, mainly due to the poor GDP data for the third quarter, while Maruti was the star performer of the day with a 5.20% gain. The overall market breadth was negative with 583 advances to 893 declines, while the FIIs were net sellers to the tune of 126 crores and the DIIs sold to the of 9.97 crores. This was the first time in the last five trading sessions that FIIs were net sellers, which may become the deciding factor in the days to come. On the futures side Nifty futures closed at 5391, with a 52 points premium to the spot, with a moderate fall in the open interest, while on the options side 5400 call added the maximum open interest, followed by the 5500 and 5300 calls, while on the put side 5400 put shed the maximum open interest followed by the 5100 and 5200 puts and the PCR decreased to 1.03. This indicates some amount of profit booking in the in- the money puts with corresponding call writing at higher levels like 5400 and 5500 which will act as overhead resistance in the days to come. The technical indicators have confirmed this trend in the last few trading sessions. The levels to watch out for nifty will be 5367 and 5411 on the upside and 5265 and 5225 on the downside. The U.S. markets are trading higher mainly on the basis of good corporate earnings and jobless claims data and also supported by a strong rally in the European markets after the ECB's LTRO operation helped spur demand.
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