17th July' 2020 (Evening plus weekend)

17th July' 2020 (Evening plus weekend)

  • Markets picked up some wild movements again. Nifty saw a 370 point movement during the week.
  • Nifty has been riding again after a correction early in the week. 10570 is now a strong support for Nifty. Though immediate support comes in at 10700 levels. 
  • Nifty closed above its 200 day MA. It is now to be seen if this momentum can continue from here.
  • Reliance and HDFC Bank both had a break out on Friday, this helped Nifty break its resistance.
  • For Nifty to ride further, it needs Reliance and HDFC Bank (Bank Nifty in general)to continue the rally from here.
  • I see Reliance riding on low volumes and the OI is also not indicating strength.
  • HDFC Bank has to be seen. It has a strong 200 day resistance at 1120. Also the delivery volumes are stable as of now.
  • Will watch the action tomorrow morning to decide further.
  • Expect to see Nifty playing between 10700 and 11000. While, Bank Nifty range seems to still between 21000 to 23000 levels.
  1. FII were net sellers for the week, with a net selling of 1959.56Cr. Though they bought for 697Cr on Friday, a change from the trend over previous 3 days. DII were also net sellers for the week. They sold for 1584Cr. Except for one day (Thursday), they were sellers on all days. That one day they bought for 1659Cr. 
  2. FII's positions on futures kep swinging through the week. Though as on Friday close, the positions were bullish. They created 4123 longs and covered 5045 shorts on index.  
  3. On the option front FII sold more puts than calls. While on the long side they placed equally on calls and puts.  
  4. For the next week expiry, Nifty has the highest OI for PE at 10700 followed by 10500 and highest OI for CE is at 11200 closely followed by 11000. reasonable call writing was seen only at 11200 and put writing was from 10700 to 10900.  
  5. Bank Nifty has highest call OI at 23000, closely followed by 22500 and 22000. The highest put OI was at 21000, followed by 21500 levels.   
  6. Asian markets closed mixed on friday and European markets also closed mixed. 
  7. US exchanges closed flattish with Dow slightly lower and Nasdaq slightly in green.  
  8. The breadth of the market was generally strong. .
  9. On a weekly basis Nifty opened at 10851 and made an intra week high of 10932 and a low of 10562 before closing at 10927. The range of Nifty for the week was 370 points.  
  10. On a weekly basis Bank Nifty opened at 22613 and made an intra week low of 21027 and a high of 22057 before closing at 22055. The range of Bank Nifty for the week was 1030 points. 
  11. India VIX is at 23.99 level now. A drop of 1%.

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