15th Mar'2021 (Evening)

15th mar'2021 (Evening)

  • Markets have become really choppy. Nifty saw a 300 point fall and then a 200 point recovery. While, Bank Nifty saw a 1100 point fall and then a 800 point recovery.
  • Its long now that every rise is seeing selling and every dip is seeing buying. A typical consolidation phase. 
  • While today both Nifty and Bank Nifty breached the lower limits I have been mentioning, they both saw a sharp recovery from these lower levels. Exact reverse of what happened on Friday, when the higher end was breached and then the indices saw a sharp selling.
  • All in all the range has kind of widened to 14772-15375 on Nifty and 34431-37232 on Bank Nifty. 
  • Today though the call writing shifted lower to 14800 on Nifty and 35000 on Bank Nifty. The OI range indicates a range of 14800 to 15300 on Nifty and 34000 to 36000 on bank Nifty.
  • The uncertainty is driven by the spike in US Bond yields, a rise in dollar index and rise in Covid cases.
  • While today Yields eased to 1.6 levels, Dollar Index remains at 91.8.
  • The market needs a strong trigger to break the range it is in. Lets see from where this trigger comes in.

1. FII were net sellers for 1101 Cr today, while DII were sellers for 749 Cr. A net buying of 1850 Cr from the institutional side.

2. FII's unwound 2373 longs and created 2818 shorts on the indices

3. On the option front FII  sold 26028 calls and   unwound 3630 puts. They also bought 30907 calls and  bought 16393 Puts.

4. For next week expiry, Nifty has the highest OI for PE at 14500 followed by 14800 and highest OI for CE is at 16000 followed by 15300. Highest Put writing was seen at 14800 and highest call writing was seen at 14800 levels.

5. For the next week expiry, Bank Nifty has the highest OI for PE at 34000 followed by 34500 and highest OI for CE is at 37000 followed by 36000. Highest Put writing was seen at 34000 and highest call writing was seen at 35000 levels. 

6. Asian markets closed mixed.  Europe closed in red

7. US markets trading flat as of now.

8. The breadth of the market was weak today.

9. Nifty opened at 15048 and made an intra day high of 15048 and a low of 14745 before closing at 14929 .The range of Nifty for the day was 303 points.

10. Bank Nifty opened at 35544 and made an intra day high of 35544 and a low of 34430 before closing at 35182 .The range of Nifty for the day was 1114 points.

11. UD Dollar Index is trading at 91.82

12. Metals and IT helped the market today. Else it was pretty red all around

13. India VIX increased to 21.23

14. US 10Y yields eased slightly to 1.6

15. Nifty futures saw a long unwinding with OI reduced and index down by 0.7%

16. Bank Nifty saw a long unwinding as well with OI down and index down 0.9%


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