1st July' 2020 (Evening)

1st July' 2020 (Evening)

  • FII's are selling in the cash market and going long in futures. They took 4400 fresh long positions and covered 11500 shorts. DII's have been buying and supporting the market strong.
  • The discount on futures reduced because of this. Nifty got a strong support at 10300 for this expiry. At 10200 continues to be its medium term support.
  • On the options front, the band for the current Nifty expiry is 10300 to 10500. Strong put writing was seen at 10300 and 10400 levels. Call unwinding was also seen at the same levels.
  • Similarly, Bank Nifty seems to be playing between, 21000 and 22500. Put writing was seeTn upto 22000 today and call unwinding was seen up to 22000.
  • It was a trending day today. Nifty opened at 10323 and closed at 10418. At the highest levels, a higher volatility was seen, indicating a bit of weakness at this levels.
  • Similarly, Bank Nifty opened at 21354 and closed at 21891 after making a high of 22060. 
  • Asian markets closed mostly in green today and European markets marginally in red.
  • US is trading mixed as of now. Dow marginally in red and S&P and Nasdaq in green.
  • Index heavy weights Reliance and HDFC Bank participated in the rally today among ICICI, HDFC, ITC, Axis Bank and SBIN.
  • Tomorrow being expiry and hope to see Nifty opening positive and then capping at 10500. Some Volatility may pull the market down to 10400 levels. 
  • Reliance and HDFC Bank have been facing resistance at these levels. lets see if they are taken out tomorrow.
  • More important, lets see how it opens tomorrow.

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