6th Aug' 2020 (Evening)

6th Aug' 2020 (Evening)

  • After making a move yesterday, today also markets opened strong and made a sharp move after the RBI announcement. It soon saw some sharp profit booking and slipped. 
  • The slip i feel is driven of expiry and hopefully the move should continue. Nifty seems strong at the moment, Bank Nifty will have to be watched tomorrow morning.
  • Global Cues will be important for tomorrow's move.
  • RBI policy was welcomed and expected by the markets.
  • Nifty has a clear support at 10880. Shorting puts at this level for the coming week should be good. 
  • For Bank Nifty currently holding covered calls. Last week i pocked all the premium at 22500, 22800, 23000 and 23500 levels. Now this week, again sold 22500, 25800 and 2300 calls. 
  • ICICI Bank long position is now in profit. The calls i sold for managing the position are also in profit. So, all in all a healthy situation.

1. FII were net buyers for 637.43 Cr today, while DII were sellers for 468 Cr. A net buying of 169.43 Cr from the institutional side.
2. FII's created 5672 longs and created 2143 shorts on the indices
3. On the option front FII sold -49492 calls and sold -34566 puts. They also bought -32739 calls and bought -41986 Puts. Though being an expiry day, this data carries no meaning
4. For the next week expiry, Nifty has the highest OI for PE at 11000 followed by 10000 and highest OI for CE is at 12000 followed by 11200. Reasonable Put writing was seen at 11200 and reasonable call writing was seen at 11600 levels
5. For the next week expiry, Bank Nifty has the highest OI for PE at 21500 followed by 21000 and highest OI for CE is at 22000 followed by 21700. Reasonable Put writing was seen at 21600 and reasonable call writing was seen at 21700 levels
6. Asian markets closed mixed today and European markets closed in red.
7. US markets are trading flat as of now. Waiting for the fresh fiscal package.
8. The breadth of the market today was generally strong. 
9. Nifty opened at 11185 and made an intra day high of 11256 and a low of 11064 before closing at 11130 .The range of Nifty for the day was 192 points.
10. Bank Nifty opened at 21644 and made an intra day high of 21924 and a low of 21389 before closing at 21660 .The range of Nifty for the day was 535 points.

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