16th Jun' 2020 (Evening)

16th Jun' 2020 (Evening)

  • After opening at a strong position today, markets quickly saw some profit booking and started slipping. The Indo China border flare up news came in and markets reacted sharply. Though they quickly recovered.
  • As of now the market has shrugged of the border issue. Though, i feel we need to watch it closely.
  • The markets are clearly following US.  US is positive today as well :-) Retail data has added to the cheer.
  • Market may consolidate at this level with a bias towards global cues. Lets watch them in the morning.
  • Meanwhile, Reliance has been a killer.
  1. FII again sold 1478Cr today, while DII bought 1161Cr. So now this is the fifth day in a row, where FII's have been selling. DII have been supporting the market now for 3 days now.
  2. After a couple of days, FII's today opened a small amount of longs and also unwound a small number of shorts. So they maintain their status as net short.  
  3. Interestingly they sold more calls and bought more calls then puts today. Probably, a phenomenon driven to exploit a temporary dip due to the Indo China tension at the border. 
  4. Nifty has the highest OI for PE is at 9500 followed by 9000 and and highest OI for CE is at 10000 followed by 10200.  
  5. Reasonable call writing happened at 10000 and 10200 levels, while put writing happened at 9800 and 9900 levels. 
  6. Bank Nifty continues to have highest put OI at 19000 and highest call OI at 21000. Put writing was seen at 20000 and call writing was seen at 21000 levels. 
  7. All Asian markets covered their lost ground and closed in green today. Nikkei led the bunch with a whopping 4.8% gain. All European markets also closed with around 3% gains.  
  8. Nasdaq is back up again with a 1.9% gain as of now. Probably setting the tone for tomorrow's trade. Liquidity is driving the markets crazy in US and Asian markets are following their footsteps.  
  9. As mentioned yesterday, in spite of the temporary shock today, Bank Nifty covered more than Nifty.
  10. The breadth of the market was slightly bearish with more stocks declining than gaining.
  11. Financial and banking stocks supported the market well. Reliance was a hero again among others.
  12. Nifty saw an intra day move of 316 points. After opening at 10014 and making a high of 10045 profit booking started. The Indo China news came in and pushed the index down to 9729, before it started regaining. Interestingly this is the same level at which support came in yesterday. 
  13. Bank Nifty similarly saw an intraday move of 990 points.

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