Will the Bull Party Continue?

Our markets rallied on back of the massive rally in world markets. Nifty made a new closing high for 2016. Mid caps followed suit. Nifty opened with a huge gap up and closed near the highs at 8468.

Foreign institutional investors (FIIs) bought Rs  1,056 crores in cash segment while Domestic institutional investors (DIIs) sold Rs 611 crores.

In FNO segment, FIIs bot 17,456 contracts in Index Futures and 19,625 contracts in Index calls. They also bought 5,121 contracts in Index puts. Overall, the FII data in cash and FNO is hugely bullish.

Nifty Put Call Ratio (PCR) data shows 8400 as support and 8500 as resistance. Release of IIP and CPI data will decide the fate of this bull party.