22nd Mar'2021 (Evening)

22nd Mar'2021 (Evening)

  • The markets opened on weak global cues today. The Turkish Lira led to some turbulence and Nikkei opened 2% down. Maintained this through the day and kept the Asian markets in pressure.
  • Indian Markets started seeing selling as they opened, only to pick some support in the second half. However, the momentum did not pick up and while Nifty closed almost flat, Bank Nifty closed weak. 
  • Nifty close was above its 50DEMA and BankNifty closing actually breached its 50DEMA. 
  • FII also sold today for 750 Cr, while DII bought, though not as much as FII sold. 
  • Yields have slightly eased and Dollar Index is also marginally low. A further correction in this and and a positive close in US may lift the sentiment for us tomorrow.
  • Nifty seems to have picked up support, though it has to close above 14824 for a continued momentum. 
  • Bank Nifty is at a critical support now and has to remain above its Friday low of 33361. A fall below this may lead Bank Nifty towards a steep fall.
  • Bank Nifty is also at the 50% retracement level from the high it made after the post budget rally.
  • I expect Bank Nifty to also pick support from here (while market verdict is always supreme).
  • If Bank Nifty moves from here, we need to keep an eye on key levels of 34350, 34650 and then 35000. These levels may offer some resistance. However, a sharp move upwards cannot be ruled out before this expiry.
  • Us closing today will be a key factor for tomorrow's movement.

1. FII were net sellers for 786 Cr today, while DII were buyers for 542 Cr. A net selling of 244 Cr from the institutional side.

2. FII's created 2971 longs and created 3853 shorts on the indices

3. On the option front FII  sold 35397 calls and   sold 12759 puts. They also bought 33735 calls and  bought 28039 Puts.

4. For next week expiry, Nifty has the highest OI for PE at 14500 followed by 14000 and highest OI for CE is at 15500 followed by 15000. Highest Put writing was seen at 14700 and highest call writing was seen at 15000 levels.

5. For the next week expiry, Bank Nifty has the highest OI for PE at 33000 followed by 32000 and highest OI for CE is at 36000 followed by 35000. Highest Put writing was seen at 32000 and highest call writing was seen at 34500 levels. 

6. Asian markets closed mixed today with Nikkei leading the rout. Europe closed mixed as well. 

7. US markets trading in green as of now.

8. The breadth of the market was positive today.

9. Nifty opened at 14736 and made an intra day high of 14763 and a low of 14597 before closing at 14736 .The range of Nifty for the day was 166 points.

10. Bank Nifty opened at 34088 and made an intra day high of 34148 and a low of 33389 before closing at 33603 .The range of Nifty for the day was 759 points.

11. UD Dollar Index is trading at 91.707

12. Banking and auto lot was weak today. Else the breadth was positive.

13. India VIX increased  to 20.49

14. US 10Y yields eased to 1.684

15. Nifty futures saw a short buildup with OI increasing by 4.7% and index reduced  by 0.1%

16. Bank Nifty saw a short buildup as well with OI increasing by 5% and index reducing by 1.5%


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