By Manojh Vayalar
The December series Nifty futures started with a premium of around 100 points for the current month. The Nifty has rolled around 73% and Bank Nifty around 80%. For the Index futures, FII have reduced the short positions to 56% from 64% at the start of the December series. The index is now in a ‘Buy on Dips’ mode till 20,000 is not breached on closing basis, for the first fortnight of the December series. 20,200-20,300 might be the immediate support and only a decisive close below it might bring in further downside. VIX for the Nifty is currently at 13.5 and likely to remain in the 11 to 15 range implying a range of around 800 points.
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FIIs started this series with Short position in Index futures of around 64% vs 89% last month, which are …
Oil prices rebounded slightly on Wednesday, on supply tightness amid output cuts from major producers and remarks from the U.S. central bank chief that he still expects rate cuts later this year.
Brent crude futures were up $1.04, or 1.27%, to $83.08 a barrel at 1428 GMT, after four days of declines. U.S. West Texas Intermediate crude futures rose $1.40, or 1.79%, to $79.55 a barrel, after declining the past two days.
Oil prices were lifted by the announcement on Sunday that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) extended output cuts of 2.2 million barrels per day until the end of the second quarter.
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