19th Jun'2020 (Evening plus weekend)

19th Jun' 2020 (Evening plus weekend)

  • Markets picked up strength after the first fifteen minutes and never looked back. As mentioned on Thursday evening the range of Nifty is bullish and stands between 9700 and 10500. Though for this week it seems to stand between 10000 and 10400 on a closer note.
  • Bank Nifty seems have a range of 20000 to 23000 and around 20500 to 22000 on a closer note.
  • Looking at the week, it started at 9919 and then took support at 9726 to rise back. The same level was retested again and confirmed support. The negative sentiment drove in by the border news seems to have been forgotten by the market and is following global cues now.
  • Friday's low of 10072 seems to be a good support for the week. On the higher side, the rise could face resistance because the DII would book profits now. FII have been net buyers now and have taken bullish positions in the futures, however they seem to be active on the options side now. Upside seems to be capped at 10400-10500 levels.
  • Financials have a shown a good run up till now. However, banking stocks on the option chain show some slowing (Except ICICI Bank). 
  • Reliance though has been leading the lot. Lets see if it sees some profit booking now.
  • With US futures showing some weakness as of now, would wait to see how the markets unfold tomorrow.
  1. FII bought again today. The buying was 1237 Cr by FII. The DII however, booked profits and sold 880 Cr. The net buying was 356 Cr.  
  2. FII's opened 10500 fresh longs and covered around 500 shorts. They are now 56% long to 44% short. 
  3. There was also heavy buying in call options by FII, but the same seem to be hedged by equivalent call selling by them. The activity on put side was also similar. approx 1 put sold and bought to every call bought and sold.
  4. For the next week (also monthly expiry), Nifty has the highest OI for PE at 9000 followed by 9500 and and highest OI for CE is at 11000 followed by 10500. Interestingly high OI is seen at 10000, 9900 and 9800 as well.
  5. Call writing seen  from 10300 till 11000 levels. Aggressive put writing was seen at 10000, 10100 and 10200 levels.
  6. Bank Nifty continues to have highest call OI at 22000 closely followed by 23000 and highest put OI at 20000. Aggressive put writing at 21000 was seen and call writing was seen from 21000 to 23000 levels. 
  7. Asian markets closed mix with Nikkei and HangSeng in marginal green. Europen markets also closed in green. 
  8. US closed on a negative note. S&P and Dow closed in red. Thougg the closing of Nasdaq was in green, it actually lost substantially from its highs. 
  9. The breadth of the market was favorable.
  10.  Nifty opened at gap up at 10119, consolidated a bit and then saw support coming in at 10072. Closed strong at 10256.  
  11. Bank Nifty opened at 20970, also consolidated a bit till 20878 and then saw support to rise and close at 21344. 

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