15th July' 2020 (Evening)

15th July' 2020 (Evening)

  • Nifty was supported by Reliance again today, but only till the AGM. Post which it contributed towards its weakness.
  • Nifty saw a high of 10826 and tried to again take off the resistance at this level. But then saw profit booking and corrected till 10578. Picked up support and came over 10600 again. 
  • Nifty still has some weakness left, will have to see if there is followup on selling or the buying that came in towards the end of the day. We will have to watch this tomorrow morning trade.
  • Being expiry i expect volatility tomorrow. Though i expect a closing around 10650-10700.
  • Bank Nifty also has some more weakness. As i mentioned earlier, Expect to see getting some strong support around 21100 level. Expect to see a closing around 21100-21400 levels. (Though a broad range to play, caution is advised).
  • Watch ICICI Bank, if Bank Nifty picks up some momentum. Expect to see some good movement if it closes above 355 tomorrow. 
  • Highlight for Reliance should be read carefully. Expect the stock to gain support around 1800 and pick some fresh momentum from here. If it slips tomorrow, it has extremely strong support at 1700.
  1. FII and DII sold in the cash market today while the selling by FII was not huge it contributed to the mayhem at the end. Total selling was 1121 Cr.
  2. FII's opened fresh longs and closed a huge amount of shorts on indices. While i could not gauge as to the positions were built up early in the day or in the later part of the day.
  3. On the option front FII sold more puts than calls and bought more calls than puts. 
  4. For the expiry tomorrow, Nifty has the highest OI for PE at 10500 and highest OI for CE is at 110800. Call writing was seen at 10750 and above, while put writing was seen at 10700 and below. 
  5. Bank Nifty has highest call OI at 22000 and highest put OI at 21000 levels. Writing was seen at 21500 and above. While most of the put writing was seen at 21000. 
  6. Except China, most of the Asian markets closed in green today and European markets were also bullish and 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 10701 made a high of 10826 dipped to 10578 before closing at 10635.   
  10. Bank Nifty opened at 21645 made a high of 21940, dipped to 21216 before closing at 21409. 

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