10th Aug' 2020 (Evening)

 10th Aug' 2020 (Evening)

  • Markets opened stronger today, Banking stocks and Pharma supported the index.
  • Bank Nifty crossed 22000 and made a high of 22067, but then saw some consolidation at that level. It closed strong at 21926 (slightly below 22000).
  • Pharma led by Cipla made great moves. Pharma and IT are clearly the leading segments for the markets. 
  • Bank Nifty has been continuously under performing for some time now. Against IT and Pharma moving by around 30%, Bank Nifty has just made 13.2 % gains in a period when Nifty made 22% gains.
  • Nifty continues with a working range of 11000 to 11300. If Bank Nifty supports, we may see a breakout above 11300, this may give a trending move in that direction.
  • Bank Nifty has a support at 21500 and has been bullish today. We may see a breakout above 22000 tomorrow. Hopefully global Cues support.

1. FII were net buyers for 302.88 Cr today, while DII were sellers for 504.92 Cr. A net selling of -202.04 Cr from the institutional side.
2. FII's Unwound 352 longs and Short Closed 907 shorts on the indices
3. On the option front FII sold 2209 calls and short closed -1745 puts. They also bought -207 calls and bought 5717 Puts.
4. For the next week expiry, Nifty has the highest OI for PE at 11000 followed by 11200 and highest OI for CE is at 11500 followed by 11300. Reasonable Put writing was seen at 11300 and reasonable call writing was seen at 11400 levels. Reasonable Calls were unwound at 11300 levels
5. For the next week expiry, Bank Nifty has the highest OI for PE at 21000 followed by 21500 and highest OI for CE is at 22000 followed by 22500. Reasonable Put writing was seen at 22000 and reasonable call writing was seen at 22000 levels
6. Asian markets closed mixed today and European markets are mostly trading in green.
7. US markets have opened higher due to hopes of stimulus.
8. The breadth of the market today was generally strong. 
9. Nifty opened at 11270 and made an intra day high of 11336 and a low of 11238 before closing at 11274 .The range of Nifty for the day was 98 points.
10. Bank Nifty opened at 21824 and made an intra day high of 22067 and a low of 21804 before closing at 21926 .The range of Nifty for the day was 263 points.
11. US Dollar Index is trading at 93.4. This being in the higher range of its recent band. Currently held up at this level, will have to watch for further moves.
12. Sector of the day was Pharma. Nifty Pharma rose 5.4% throught the day and the leading stock was Cipla, seeing almost 9% rise.
13. India VIX fell 0.3% to 22.51

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