17th Feb'2021 (Evening)

17th Feb'2021 (Evening)

  • Markets continued today with the weakness from yesterday. The weak global cues also fueled the weakness. The selling aggravated later and both Nifty and BankNifty closed with losses.
  • Nifty now has immediate support at 15080 and has resistance at 15300. This could well be the range for tomorrow. A breach of 15080 will open it to the next support of 14977. Since, the options data is also suggesting a range of 15000 to 15300. This could be a trading range for tomorrow. 
  • Bank Nifty is now close to a support of 36765.  A breach of this support could make the index weak in short term and may make a volatile move downside. A minor support at 36500 is seen, else 36000 and 35500. From an expiry standpoint, I feel watch for the support at 36765. If respected, sell both calls and puts, else selling calls on the higher side is a better strategy.
  • Watch for the opening action tomorrow.
  • Globally markets are a bit weak due to the US yields rising and most of the markets are at all time high. So some profit booking cannot be ruled out. Time to be watchful. Though, long term my view is bullish.

1. FII were net buyers for 1008 Cr today, while DII were sellers for 1283 Cr. A net selling of 275 Cr from the institutional side.

2. FII's unwound 5594 longs and unwound 4610 shorts on the indices

3. On the option front FII  sold 17197 calls and   unwound 2267 puts. They also bought 9872 calls and  bought 6341 Puts.

4. For next week expiry, Nifty has the highest OI for PE at 15000 followed by 15200 and highest OI for CE is at 15300 followed by 15400. Highest Put writing was seen at 15000 and highest call writing was seen at 15300 levels.

5. For the next week expiry, Bank Nifty has the highest OI for PE at 35000 followed by 36000 and highest OI for CE is at 38000 followed by 37000. Highest Put writing was seen at 36500 and highest call writing was seen at 37000 levels. 

6. All asian markets closed mixed and European markets closed in negative

7. US markets Nasdaq in red and Dow trading marginally negative

8. The breadth of the market was negative

9. Nifty opened at 15279 and made an intra day high of 15314 and a low of 15170 before closing at 15208 .The range of Nifty for the day was 144 points.

10. Bank Nifty opened at 37041 and made an intra day high of 37331 and a low of 36764 before closing at 36910 .The range of Nifty for the day was 567 points.

11. UD Dollar Index is trading at 90.95

12. PSU Banks and Media performed today with good contribution from Reliance. 

13. India VIX reduced to 21.51


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