23rd Jun' 2020 (Evening)

223rd Jun' 2020 (Evening)

  • The market texture is extremely bullish. All sectoral indices were in green today. Nifty surprised me today. I was not expecting it to hit near 10500 so fast. But then, that is the nature of market.
  • The market has reached at its upper band, hence extreme caution is necessary. Though Bank Nifty has some more run way to cover up to 23000.
  • FII playing on the options side now. Was surprised to see DII buying in the cash market today. Though the global Cues are positive, do not feel a big upside from here. Markets up to expiry may be volatile now.
  • Reliance has not participated in the rally for two days now. After seeing the high of 1800, it has been suffering of profit booking. Would be interesting to see if this moves tomorrow. 
  • Banking and IT were the stars today.
  1. FII bought for 168 Cr in the cash market today. DII bought for 454Cr.  The net buying was thus for 623 Cr.  
  2. FII's opened more shorts (5000) than longs (2000). They have thus come down on their long positions. FII are now 55% long and 45% short. They also, shed a huge OI in stock futures on both long and short side.
  3. On the option side they were very active. They shorted 13500 puts and covered 4700 calls. 
  4. For the next week (also monthly expiry), Nifty has the highest OI for PE at 10000 and highest OI for CE is at 10500. The put writing was more aggressive than call writing.
  5. Heavy put writing was seen at 10400.  Call unwinding was seen up to 10400.
  6. Bank Nifty has highest call OI at 23000 and highest put OI at 20000 levels. Again here also, heavy put writing was seen up to 22000. Call unwinding was also seen at 22000 levels.
  7. All Asian and European markets are in green today. The sentiment is extremely favorable. 
  8. All US exchanges also runs strong and are a percentage in green. This with a strong market breadth as well.
  9. The breadth of the market was favorable again today.
  10.  Nifty opened at 10347, took support at 10300 and then never looked back. It finally closed at  10483. 
  11. Bank Nifty opened at 21859, took support at 21650 and then rose and closed at almost the days high of 22319. 

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