Stock Market Report|Nifty Outlook for Tomorrow 27 February:-Nifty opened on a positive note on the first day of the March Derivative series. Positive overnight closings in theUS markets aided in Nifty opening in green and inching upwards to trade past the 5500 level. However the uptrend was short lived as Nifty left all initial gains and slipped down into red. Selling pressure intensified as Initial losses were seen in heavyweight Reliance and banking stocks. Nifty breeched the 5500 level and also continued to slip down to near 5400 levels. Negative sentiments also came from international markets as crude prices continuing to go higher. Even the positive openings in European markets were unable to improve the market sentiments. Nifty touched intraday low of 5405.90 during the late afternoon trades and closed with over 1% losses. Almost all the sectoral indices closed down in red.
NIFTY OUTLOOK (67.47%) rollover is slightly below average. Its open interest in new series is certainly higher than last month's open interest which was on higher side. So rollover in Nifty futures is not less. BANKNIFTY (70.90%) has reduced open interest substantially. We expect this index may find it difficult to move above 11,200-11,400 zones which may act as strong resistance.
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