23rd Mar'2021 (Evening)

23rd Mar'2021 (Evening)

  • The markets saw some short covering today. The movement was drive by financials and Banking stocks. Bond auction cancellation was one reason and Supreme court verdict another for this move.
  • Nifty went above 14824 but could not breach on a closing basis. Bank Nifty also went above 34350 but closed below it. These levels are offering stiff resistance at least as of now. For the upwards journey to continue, these levels have to eb taken off tomorrow.
  • For Bank Nifty the next critical level is 34650 and then 35000. 
  • FII have net sold today, though a bit less. The buying from FII would be critical for further movement from here.
  • Bond yields have eased a bit, however, Dollar Index has swelled. US markets are trading flat as of now. A positive close would be instrumental for our markets tomorrow. US is actually nervous of expected statements from FED.
  • Rising Covid cases in Europe and also in domestic markets is keeping the sentiment muted.
  • So actually a war is on between Rising cases and vaccinations.
  • Bank Nifty is still weaker than Nifty.
  • Nifty has support at 14700 and may trade between 14700-15000.
  • Bank Nifty seems to have picked support from 33500 levels. It may trade between 33500 to 35000.

1. FII were net sellers for 108 Cr today, while DII were sellers for 529 Cr. A net selling of 637 Cr from the institutional side.

2. FII's created 1075 longs and unwound 4694 shorts on the indices

3. On the option front FII  sold 11645 calls and   sold 19823 puts. They also bought 17601 calls and  bought 18402 Puts.

4. For next week expiry, Nifty has the highest OI for PE at 14000 followed by 14500 and highest OI for CE is at 15000 followed by 15500. Highest Put writing was seen at 14800 and highest call writing was seen at 14900 levels.

5. For the next week expiry, Bank Nifty has the highest OI for PE at 33500 followed by 33000 and highest OI for CE is at 36000 followed by 35000. Highest Put writing was seen at 33500 and highest call writing was seen at 34500 levels. 

6. Asian markets closed mostly in red and europe also closed mostly flat or red. 

7. US markets trading flat as of now.

8. The breadth of the market was positive today.

9. Nifty opened at 14768 and made an intra day high of 14878 and a low of 14707 before closing at 14814 .The range of Nifty for the day was 171 points.

10. Bank Nifty opened at 33747 and made an intra day high of 34360 and a low of 33622 before closing at 34184 .The range of Nifty for the day was 738 points.

11. UD Dollar Index is trading at 92.23

12. Except Metals and FMCG, most of the stocks closed in green.

13. India VIX increased  to 20.49

14. US 10Y yields eased to 1.651

15. Nifty futures saw a short covering with OI decreasing by 2.9% and index increased by 0.6%

16. Bank Nifty saw a price increase of 1.7 % wihout any significant change in OI. 


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