17th Mar'2021 (Evening)

17th Mar'2021 (Evening)

  • Uncertainty prevailed again in the market today. When it was at important support, it breached again. Nifty breached 14772 and Bank Nifty breached 34431.
  • As mentioned yesterday, Bank Nifty has almost reached its 50DEMA now. Nifty unexpectedly also reaching its 50DEMA. 50DEMA is an important psychological support for the indices and i hope these are respected.
  • The bond yields, dollar and Covid have been spooking for long now.
  • I still feel, the steam is not lost. I would keep hopes on these important levels for the following reasons :
    • Indices at important levels.
    • FII buying has been positive for the second consecutive day.
    • FED meeting has kept the bulls on hold.
    • FII positions in F&O are not that bearish.
    • Markets are in oversold condition in near term.
    • We have been underperforming global markets.
  • If there is not adverse comments from the FED meeting today, we may see some catch up trade soon.
  • Yields have surged today by the way.
  • Nifty may see resistance around 15000 levels and has to cross decisively for any decent upmove.
  • bank Nifty seeing resistance at 35000-35200. Has to take this out to reach 36000 levels.
  • Well subject to FED comments, I expect a pull back. 

1. FII were net buyers for 2625 Cr today, while DII were sellers for 562 Cr. A net buying of 2063 Cr from the institutional side.

2. FII's created 1581 longs and created 1980 shorts on the indices

3. On the option front FII  sold 22673 calls and   unwound 9501 puts. They also bought 20480 calls and  bought 420 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 15500 followed by 15000. Highest Put writing was seen at 14450 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 33000 and highest OI for CE is at 37000 followed by 36000. Highest Put writing was seen at 34200 and highest call writing was seen at 34500 levels. 

6. Asian markets closed flat to red and Europe closed mixed

7. US markets trading mixed with Dow slightly up and Nasdaq a bit down. 

8. The breadth of the market was weak today.

9. Nifty opened at 14946 and made an intra day high of 14956 and a low of 14696 before closing at 14721 .The range of Nifty for the day was 260 points.

10. Bank Nifty opened at 34905 and made an intra day high of 35100 and a low of 34126 before closing at 34229 .The range of Nifty for the day was 974 points.

11. UD Dollar Index is trading at 91.968

12. All sectors closed in red today.

13. India VIX eased  to 20.16

14. US 10Y yields rised to 1.664

15. Nifty futures saw a long unwinding with OI reduced by 2.9% and index down by 1.26%

16. Bank Nifty saw a short buildup with OI up by 1% and index down 1.6%


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