18th Jan'2021 (Evening)

18th Jan'2021 (Evening)

  • As mentioned from last couple of days, markets were extremely volatile today. Nifty moved 230 points and BankNifty 780 points. In fact Intraday the markets recovered a bit and fell again, creating lower highs and lower lows.
  • Seeing this pattern, feel a bit of weakness has creeped in. While i am still bullish and somehow the data shows, the markets still enjoy support at levels mentioned yesterday. Viz. Nifty at 14250 and BankNifty at 32000. However, since the close has been marginally below the supports mentioned, caution is advised. 
  • FII have still put in money, though they have created hedge through futures and options. There was no institutional selling today, hence I am optimistic for a quick recovery from here or atleast not a deep correction. Though, some specific stocks may see a higher correction. Lets watch the action tomorrow. Remember, price action is finally supreme.
  • Today, financials, Pharma and Metals were particularly weak. Though, IT, Banking, Auto all saw some selling.
  • Expect Nifty to trade between 14000 and 14600 for this week and Bank Nifty to trade between 31000 and 32500. 
  • Since US markets are closed today, our markets would lack a cue from there.

 1. FII were net Buyers for 650 Cr today, while DII were sellers for 42 Cr. A net buying of 608 Cr from the institutional side.

2. FII's unwound 4449 longs and unwound 1267 shorts on the indices

3. On the option front FII sold unwound 634 calls and   sold 6788 puts. They also bought 4327 calls and  11532 Puts.

4. For next week expiry, Nifty has the highest OI for PE at 14000 followed by 13500 and highest OI for CE is at 14600 followed by 14500. Reasonable Put writing was seen at 14000 and reasonable call writing was seen at 14300 and above levels.

5. For the next week expiry, Bank Nifty has the highest OI for PE at 32000 followed by 30000 and highest OI for CE is at 32500 followed by 34000. Reasonable Put writing was seen at 32000 and reasonable call writing was seen at 32000 and above levels. 

6. Asian markets closed mixed and Europe also mixed.

7. US markets are closed today and the futures are closing flat.

8. The breadth of the market was negative today

9. Nifty opened at 14453 and made an intra day high of 14454 and a low of 14224 before closing at 14228 .The range of Nifty for the day was 230 points.

10. Bank Nifty opened at 32275 and made an intra day high of 32439 and a low of 31657 before closing at 31665 .The range of Nifty for the day was 782 points.

11. UD Dollar Index was inching higher at 90.81

12. Market fall was across the board today. However, specially leading were Metals, Pharma, Financials.

13. India VIX made a peak of 25.4 and increased  to 24.4 today.


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