8th Jan' 2021 (Evening)

 8th Jan' 2021 (Evening)

  • Nifty and BankNifty both opened gap up on Friday. After a bit of decline, Nifty picked up momentum and closed strong, BankNifty on the other side continued sliding. BankNifty has been showing weakness lately, Every time it opens higher, it slides and closes  lower. 
  • Weakness in Bank Nifty is driven because all heavy weights HDFCBank, ICICI and Kotak are at critical levels. Underperformance of HDFC Bank has been key for Bank Nifty.
  • I feel HDFC Bank is now close to giving a breakout and will support the journey of BankNifty. Though we need to wait for the breakout.
  • On the other hand Reliance has to pick up support now.
  • Both Reliance and Banking stocks if move, with IT and auto already moving, Nifty seems to have opened a move towards 14600.
  • Nifty has support at 14200 and Banknifty at 32000 levels now.
  • Nifty range for trading is now 14200 to 14600 and BankNifty has a range of 32000 to 33000.
  • HDFC Bank may see a breakout above 1450 levels (I tweeted 1465, but i think it would be strong above 1450). 
  • Reliance has to follow up on the up move and give a close above 1950 for further strength. A heavy delivery buying suggests the momentum may sustain.
  • These stocks saw a good delivery buying RELIANCE, MARUTI, TCS, WIPRO, INFY, BAJFINANCE, TATASTEEL, HDFC, ICICIBANK. Can be watched for movements.

1. FII were net Buyers for 6029 Cr today, while DII were sellers for 2372 Cr. A net selling of 3657 Cr from the institutional side.

2. FII's Created 10256 longs and unwound 646 shorts on the indices

3. On the option front FII sold 19431 calls and sold 45415 puts. They also bought 31982 calls and bought 36513 Puts.

4. For next week expiry, Nifty has the highest OI for PE at 14200 followed by 14000 and highest OI for CE is at 14500 followed by 15000. Reasonable Put writing was seen at 14300 and reasonable call writing was seen at 14350 and above levels.

5. For the next week expiry, Bank Nifty has the highest OI for PE at 32000 followed by 31500 and highest OI for CE is at 33000 followed by 32500. Reasonable Put writing was seen at 32000 and reasonable call writing was seen at 32200 levels. 

6. Asian markets closed string on Friday and Europe also closed very strong. 

7. US markets also closed in green

8. The breadth of the market was extremely strong

9. Nifty opened at 14258 and made an intra day high of 14366 and a low of 14224 before closing at 14344 .The range of Nifty for the day was 142 points.

10. Bank Nifty opened at 32298 and made an intra day high of 32298 and a low of 32007 before closing at 32086 .The range of Nifty for the day was 291 points.

11. UD Dollar Index was trading at 90.07

12. Market was led by Auto and IT stocks. Maruti, TCS, Infy, HCL Tech and almost all IT stocks made strong gains.

13. India VIX increased  to 20.64


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