13th July' 2020 (Evening)

13th July' 2020 (Evening)

  • The correction today was prevented by Reliance. It supported the tanking index like a rock.
  • Nifty was generally not very strong except Reliance. Bank Nifty on the other hand was very weak. 
  • The shorts built up seem to have built up in Bank Nifty. 
  • While Nifty seems to have picked up support and looking at the global cues coming in, it may make some sharp movement. However, 10700 seem to be providing strong support.
  • I feel 10660 support is really strong for Nifty. On the other hand Bank Nifty seems to be weak till 21800 and if broken may touch 21100 before picking up support.
  • As usual need to watch the global cues coming in tomorrow morning.
  • Once Bank Nifty changes direction, stock to watch would be ICICI Bank.
  1. FII bought in the cash market today while DII continued to sell in the cash market.
  2. FII's again closed a lot of long positions and turned their positions on futures extremely bearish. These positions seem to be shorted on Bank Nifty.
  3. On the option front FII sold more calls than puts.   
  4. For the next week expiry, Nifty has the highest OI for PE at 10700 and highest OI for CE is at 11000. Call writing today elevated the level on the higher side to 11000. Put Writing was also seen at 10800 and below. 
  5. Bank Nifty has highest call OI at 23000 and highest put OI at 22000 levels. These are very closely followed by 21500 and 21000. Positioning of the OI indicates weakness on the index.  
  6. Asian markets closed in green today and European markets also closed in Green.
  7. All US markets are trading well in green as of now. 
  8. The breadth of the market was weak.
  9. Nifty opened at 10853 made a high of 10893 dipped to 10756 before closing at 10815. It was strongly supported by Reliance through the day.   
  10. Bank Nifty opened at 22613 made a high of 22650, dipped to 21982 before closing at 22118. 
  11. India VIX had a large range today, though it closed flat with a 0.25 point gain.

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