12th Jun' 2020 (Evening Plus WeekEnd)

12th Jun' 2020 (Evening Plus WeekEnd)

  • A change in the FII view seems happening. They are gradually getting more bearish (atleast in short term).
  • The week saw huge volatility of around 800pts. After opening at 10328 levels it saw a min of 9544 and closed at 9958 recovering around 400 pts. The low of 9544 is a strong support for this week and also the month. On the higher side 10150 is where resistance sits for this week. Though on the monthly front 10500 continues to hold the broader range. 
  • Bank Nifty also shows a wider range with 19000 and 22000 as the limits. However, the sentiment of Monday would confirm a narrowing of this range on the lower or higher side. 
  • Reliance-JIO continues to impress investors and gets yet another invest. 
  • Increase in Corona cases in India and abroad keeps investors cautious.
  • Inspite of a sharp move in the second half of Friday. The advance decline was 50% and in favor of index stocks. 
  1. FII and DII net bought around 633Cr in the cash merket. FII Sold 1311Cr however, DII bought a whopping 1945Cr. The market was supported by this intervention of DII's. FII's have been now selling for a third day in a row. 
  2. FII unwound a negligible  number of long positions thought they did short 4000 fresh positions. This now makes them net short. A gradual turnaround from a strongly bullish view they carried for some time. 
  3. The option data is contra to the futures positions. FII sold two puts for every call and bought two calls for every put. 
  4. The highest OI for PE is at 9500 and highest OI for CE has come down at 10500. 
  5. Reasonable call writing happened only at 10000 levels, while put writing was allover the range but below 9700 and maximum at 9500. 
  6. BankNifty now has highest put OI at 19000 and highest call OI at 22000 and followed very closely by 21000. Put writing happened at 18000, 18500 and 19000 levels and call writing happened at 20500, 21000 and 22000 levels. Interestingly, some minor puts were unwound at 20500 levels.
  7. All Asian markets closed marginally in red today. European markets closed higher. 
  8. US is now back up with some decent gains. 
  9. While the data is kind of mixed. Overall seems negative as of now. A lot depends on the global cues coming in on Monday morning. The recoveries in European and US markets may help lift the sentiment.

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