Nifty is looking very weak, SGX is indicating a gap up start on Monday grab this opportunity if you have not shorted Nifty earlier. As per open interest data its looking very weak. Nothing is stopping FIIs from dumping their holdings, FIIs are selling on an average 3000 crores daily except for one day in last one month.
The famous saying says " “markets can remain irrational a lot longer than you and I can remain solvent.” My open interest study shows that there is still pain left in the index and it can further nosedive to lower levels.
Coal India Ltd. (CIL) will offer its 20 discontinued underground coal mines to the private sector to reopen and bring into production on revenue sharing model. Coal is basic raw material to Power sector. More availability of Coal will lead to sales growth and consequently improve profitability of Coal India.