TCS and INFY Spook Nifty

Nifty opened positively on the back of TCS results and global markets. It made a day high of 8595 at 10.30 hours and swiftly fell to make a day’s low of 8510 at 11.55 hours on back of huge selling in IT shares particularly INFY.

Later in the day, huge buying by Foreign institutional investors (FIIs) lifted the Nifty to 8562 before closing for the day at 8541.

In the cash segment Foreign institutional investors (FIIs) were net buyers to the tune of Rs 1,461 crores and Domestic institutional investors (DIIs) were net sellers to the tune of Rs 1,034 crores.

In FNO segment, FIIs bought 11,406 contracts of Index Futures and sold 6,918 contracts of Index calls. They also sold 1,788 contracts of Index puts.
DIIs  are net short by 14,550 in Index Futures contracts.

Nifty Put Call Ratio (PCR) data shows support at 8500 and Resistance at 8600. Support at 8500 is weakened due to today’s fall.