24th Mar'2021 (Evening)

24th Mar'2021 (Evening)

  • The markets today were extremely nervous on the rising Covid cases and this nervousness led to profit booking. Banking stocks were the prime sells as these are the ones that had run up so much.
  • Fear lock down and related consequences were pushing the selling further and further.
  • Huge shorts have built up at 14700, 14800 and 14900 on Nifty. Bank Nifty also has a huge short built up at 34000 onwards.
  • FII sold for 1900 Cr and this was a substantial selling in some time. While DII bought for 600Cr, it was not enough.
  • Yields eased a bit but then Yields and Dollar Index have been rising together lately. This is not good for EM. Almost all of Asia was under pressure for this. 
  • A risk averse mood is set in and the sentiment could be muted for this and waits for a trigger. Traders are looking for safe investments.
  • After a stellar runup, Domestic institutions and investors would also be in mood of booking profits for financial year end.
  • Tomorrow's closing could be anywhere between 14400-14700 for Nifty and 33000 to 34000 for Bank Nifty.
  • With a positive mood in US, lets see if it spreads to our markets tomorrow.

1. FII were net sellers for 1951 Cr today, while DII were buyers for 612 Cr. A net selling of 1339 Cr from the institutional side.

2. FII's unwound 2278 longs and created 14417 shorts on the indices

3. On the option front FII  sold 18106 calls and   sold 8730 puts. They also bought 20865 calls and  bought 15825 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 14800. Highest Put writing was seen at 14300 and highest call writing was seen at 14700 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 34000 followed by 34500. Highest Put writing was seen at 32000 and highest call writing was seen at 34000 levels. 

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

7. US markets trading in green as of now.

8. The breadth of the market was extremely negative today.

9. Nifty opened at 14712 and made an intra day high of 14752 and a low of 14535 before closing at 14549 .The range of Nifty for the day was 217 points.

10. Bank Nifty opened at 33894 and made an intra day high of 33970 and a low of 33203 before closing at 33293 .The range of Nifty for the day was 767 points.

11. UD Dollar Index is trading at 92.517

12. Except marginal pharma, nothing closed in green. Banking and Metals led the fall today.

13. India VIX increased  to 22.46

14. US 10Y yields eased to 1.64

15. Nifty futures saw long unwinding with OI decreasing by 0.45% and index decresed by 1.87%

16. Bank Nifty saw a longunwinding with OI decreasing by 1.31 and Index decreasing by 2.6%


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